The Bank of Nova Scotia (NYSE:BNS) Sees Significant Growth in Short Interest

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 35,440,000 shares, a growth of 23.6% from the February 28th total of 28,670,000 shares. Approximately 2.9% of the company’s stock are sold short. Based on an average trading volume of 1,700,000 shares, the short-interest ratio is presently 20.8 days.

Hedge Funds Weigh In On Bank of Nova Scotia

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

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $47.48 on Thursday. The stock has a market capitalization of $59.14 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. The company has a fifty day moving average of $49.62 and a 200-day moving average of $52.23. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be paid a $0.7415 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.25%. Bank of Nova Scotia’s payout ratio is presently 82.77%.

Analyst Ratings Changes

Several brokerages have recently weighed in on BNS. Bank of America lowered shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada decreased 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 research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $81.00.

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.