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

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 41,800,000 shares, a growth of 17.9% from the March 15th total of 35,440,000 shares. Approximately 3.4% of the company’s shares are sold short. Based on an average daily volume of 1,980,000 shares, the short-interest ratio is presently 21.1 days.

Bank of Nova Scotia Stock Up 0.0 %

Shares of NYSE BNS traded up $0.01 on Monday, hitting $47.48. The company had a trading volume of 2,383,990 shares, compared to its average volume of 1,679,481. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a 12-month low of $43.68 and a 12-month high of $57.07. The business has a 50 day moving average of $48.21 and a two-hundred day moving average of $51.48. The firm has a market capitalization of $59.14 billion, a P/E ratio of 10.99, a PEG ratio of 1.16 and a beta of 1.02.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a dividend yield of 6.25%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 83.05%.

Hedge Funds Weigh In On Bank of Nova Scotia

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Bank of Nova Scotia by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank’s stock worth $2,758,150,000 after purchasing an additional 969,488 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Bank of Nova Scotia by 1.7% during the fourth quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank’s stock valued at $1,363,619,000 after acquiring an additional 434,771 shares during the period. TD Asset Management Inc. increased its holdings in shares of Bank of Nova Scotia by 1.7% in the 4th quarter. TD Asset Management Inc. now owns 18,966,078 shares of the bank’s stock worth $1,017,933,000 after acquiring an additional 308,837 shares during the period. Norges Bank acquired a new stake in shares of Bank of Nova Scotia in the 4th quarter worth about $690,746,000. Finally, CIBC Asset Management Inc lifted its position in Bank of Nova Scotia by 1.8% in the 4th quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock valued at $551,766,000 after purchasing an additional 184,761 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. 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. Royal Bank of Canada lowered their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Bank of America cut Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.00.

About Bank of Nova Scotia

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.