GPS Wealth Strategies Group LLC Lowers Position in The Bank of Nova Scotia (NYSE:BNS)

GPS Wealth Strategies Group LLC decreased its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 55.0% during the fourth quarter, Holdings Channel reports. The fund owned 3,980 shares of the bank’s stock after selling 4,871 shares during the period. GPS Wealth Strategies Group LLC’s holdings in Bank of Nova Scotia were worth $214,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Five Oceans Advisors grew its stake in Bank of Nova Scotia by 13.8% in the fourth quarter. Five Oceans Advisors now owns 4,330 shares of the bank’s stock worth $233,000 after purchasing an additional 525 shares during the period. Mediolanum International Funds Ltd bought a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at $292,000. Orca Wealth Management LLC bought a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at $888,000. Blue Trust Inc. grew its position in shares of Bank of Nova Scotia by 98.6% in the 4th quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock worth $171,000 after buying an additional 1,556 shares during the period. Finally, Cornerstone Wealth Management LLC increased its stake in shares of Bank of Nova Scotia by 2.0% in the 4th quarter. Cornerstone Wealth Management LLC now owns 20,020 shares of the bank’s stock worth $1,075,000 after acquiring an additional 401 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

BNS stock opened at $51.24 on Monday. The stock has a market capitalization of $63.81 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The stock’s 50 day simple moving average is $53.60 and its 200 day simple moving average is $51.79. The Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were given a dividend of $0.7535 per share. The ex-dividend date was Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.88%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 68.29%.

Wall Street Analyst Weigh In

Several research firms recently commented on BNS. Royal Bank of Canada boosted their price objective on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of Nova Scotia has an average rating of “Moderate Buy” and an average price target of $72.00.

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.