Intact Investment Management Inc. Sells 341,712 Shares of The Bank of Nova Scotia (NYSE:BNS)

Intact Investment Management Inc. reduced its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 21.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,221,882 shares of the bank’s stock after selling 341,712 shares during the period. Bank of Nova Scotia makes up approximately 2.3% of Intact Investment Management Inc.’s holdings, making the stock its 7th biggest holding. Intact Investment Management Inc.’s holdings in Bank of Nova Scotia were worth $65,605,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after buying an additional 3,958,580 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Bank of Nova Scotia by 24.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after buying an additional 2,346,995 shares in the last quarter. Toronto Dominion Bank lifted its stake in Bank of Nova Scotia by 9.6% in the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Bank of Nova Scotia by 17.5% in the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after buying an additional 660,097 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Bank of Nova Scotia by 10.3% in the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after buying an additional 524,496 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Hold” and a consensus target price of $75.50.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $47.24 on Friday. The company has a market cap of $58.83 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07. The company’s fifty day simple moving average is $50.64 and its 200 day simple moving average is $52.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.28%. Bank of Nova Scotia’s payout ratio is 82.77%.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.