Beutel Goodman & Co Ltd. Sells 710,639 Shares of The Bank of Nova Scotia (NYSE:BNS)

Beutel Goodman & Co Ltd. lessened its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 9.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,492,912 shares of the bank’s stock after selling 710,639 shares during the quarter. Bank of Nova Scotia accounts for 1.9% of Beutel Goodman & Co Ltd.’s investment portfolio, making the stock its 20th largest position. Beutel Goodman & Co Ltd.’s holdings in Bank of Nova Scotia were worth $348,482,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BNS. Magnus Financial Group LLC boosted its holdings in shares of Bank of Nova Scotia by 4.1% in the 4th quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock worth $274,000 after buying an additional 200 shares during the last quarter. Private Advisor Group LLC boosted its stake in Bank of Nova Scotia by 3.5% in the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock valued at $336,000 after acquiring an additional 211 shares during the last quarter. Moran Wealth Management LLC grew its position in shares of Bank of Nova Scotia by 6.5% during the 4th quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock valued at $211,000 after acquiring an additional 240 shares during the period. Lindbrook Capital LLC increased its stake in shares of Bank of Nova Scotia by 10.2% during the 4th quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock worth $154,000 after purchasing an additional 264 shares during the last quarter. Finally, Merit Financial Group LLC raised its holdings in shares of Bank of Nova Scotia by 5.8% in the 4th quarter. Merit Financial Group LLC now owns 4,905 shares of the bank’s stock worth $264,000 after purchasing an additional 271 shares during the period. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Down 1.2 %

BNS stock opened at $47.74 on Friday. The stock has a 50-day simple moving average of $49.87 and a two-hundred day simple moving average of $52.32. The Bank of Nova Scotia has a twelve month low of $43.68 and a twelve month high of $57.07. The firm has a market capitalization of $59.46 billion, a PE ratio of 11.05, a PEG ratio of 1.16 and a beta of 1.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 6.21%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Wall Street Analyst Weigh In

Several analysts have issued reports on BNS shares. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Royal Bank of Canada dropped their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Finally, Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $81.00.

About Bank of Nova Scotia

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.