Burgundy Asset Management Ltd. Decreases Holdings in Bank of Nova Scotia (BNS)
Burgundy Asset Management Ltd. decreased its position in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,078,243 shares of the bank’s stock after selling 216,825 shares during the quarter. Bank of Nova Scotia comprises about 1.9% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 21st largest holding. Burgundy Asset Management Ltd. owned about 0.26% of Bank of Nova Scotia worth $197,816,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in BNS. Fiduciary Trust Co. acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at $102,000. IFP Advisors Inc lifted its holdings in Bank of Nova Scotia by 46.7% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock worth $125,000 after purchasing an additional 661 shares during the period. ARP Americas LLC acquired a new stake in Bank of Nova Scotia in the third quarter worth about $202,000. Quantum Capital Management acquired a new stake in Bank of Nova Scotia in the second quarter worth about $205,000. Finally, Cetera Investment Advisers acquired a new stake in Bank of Nova Scotia in the second quarter worth about $207,000. 47.01% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on BNS shares. Canaccord Genuity reaffirmed a “buy” rating and issued a $93.00 price objective on shares of Bank of Nova Scotia in a report on Tuesday, December 5th. Scotiabank reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Bank of Nova Scotia in a report on Wednesday, November 22nd. Citigroup upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 20th. BidaskClub upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Finally, Macquarie initiated coverage on shares of Bank of Nova Scotia in a research report on Tuesday, October 24th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $85.80.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 29th. Stockholders of record on Tuesday, January 2nd will be issued a $0.617 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 3.82%. Bank of Nova Scotia’s dividend payout ratio is 49.50%.
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Bank of Nova Scotia Company Profile
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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