The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 20.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,710,790 shares of the bank’s stock after selling 2,037,503 shares during the period. Bank of Nova Scotia comprises 2.0% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 9th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.62% of Bank of Nova Scotia worth $420,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rathbones Group PLC boosted its holdings in Bank of Nova Scotia by 11.8% in the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after purchasing an additional 14,379 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Bank of Nova Scotia by 2,455.8% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after buying an additional 1,462,360 shares in the last quarter. Intact Investment Management Inc. grew its position in shares of Bank of Nova Scotia by 48.3% in the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after buying an additional 509,120 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Bank of Nova Scotia by 4.7% in the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock valued at $690,438,000 after buying an additional 683,946 shares during the last quarter. Finally, Pathway Financial Advisers LLC raised its stake in Bank of Nova Scotia by 5,380.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock worth $216,447,000 after acquiring an additional 3,899,760 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday. Finally, Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of Nova Scotia has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $56.12 on Wednesday. The company has a market capitalization of $69.84 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 1.60 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The Bank of Nova Scotia has a 1 year low of $41.80 and a 1 year high of $56.17. The company’s 50 day simple moving average is $53.15 and its 200 day simple moving average is $49.25.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. The business had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.30 earnings per share. On average, sell-side analysts predict that The Bank of Nova Scotia will post 4.79 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were issued a $0.768 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $3.07 dividend on an annualized basis and a yield of 5.47%. Bank of Nova Scotia’s payout ratio is 74.88%.

Bank of Nova Scotia Company 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.