May Hill Capital LLC Takes $357,000 Position in The Bank of Nova Scotia (NYSE:BNS)

May Hill Capital LLC purchased a new position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the 4th quarter, Holdings Channel.com reports. The firm purchased 6,645 shares of the bank’s stock, valued at approximately $357,000.

Several other hedge funds have also recently modified their holdings of BNS. Murphy & Mullick Capital Management Corp acquired a new position in Bank of Nova Scotia in the 4th quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Bank of Nova Scotia during the fourth quarter worth about $31,000. Allworth Financial LP increased its stake in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after acquiring an additional 350 shares during the period. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after purchasing an additional 810 shares in the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in Bank of Nova Scotia in the fourth quarter valued at about $73,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $47.44 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $59.08 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The firm has a 50-day moving average price of $49.80 and a two-hundred day moving average price of $52.30. The Bank of Nova Scotia has a twelve month low of $43.68 and a twelve month high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 6.25%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BNS. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada lowered their price target on 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $81.00.

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.