Highland Capital Management LLC Sells 800 Shares of The Bank of Nova Scotia (NYSE:BNS)

Highland Capital Management LLC trimmed its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 28,350 shares of the bank’s stock after selling 800 shares during the period. Highland Capital Management LLC’s holdings in Bank of Nova Scotia were worth $1,523,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Sei Investments Co. purchased a new stake in Bank of Nova Scotia during the 2nd quarter valued at $648,000. Squarepoint Ops LLC bought a new stake in shares of Bank of Nova Scotia in the second quarter worth $703,000. AQR Capital Management LLC purchased a new stake in Bank of Nova Scotia during the second quarter valued at $230,000. Eldred Rock Partners LLC lifted its holdings in Bank of Nova Scotia by 119.4% in the third quarter. Eldred Rock Partners LLC now owns 155,180 shares of the bank’s stock valued at $8,456,000 after acquiring an additional 84,441 shares during the period. Finally, Value Partners Investments Inc. boosted its position in Bank of Nova Scotia by 0.3% in the third quarter. Value Partners Investments Inc. now owns 1,414,842 shares of the bank’s stock worth $77,095,000 after purchasing an additional 4,781 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $51.80 on Friday. The company has a market cap of $64.51 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.16 and a beta of 1.08. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The stock’s 50 day simple moving average is $53.80 and its two-hundred day simple moving average is $51.73. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were paid a dividend of $0.7535 per share. This represents a $3.01 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is 68.06%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada increased their target price on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.