The Bank of Nova Scotia (NYSE:BNS) Short Interest Update

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was the recipient of a large growth in short interest in 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. Based on an average daily trading volume, of 1,700,000 shares, the days-to-cover ratio is currently 20.8 days. Approximately 2.9% of the company’s stock are short sold.

Bank of Nova Scotia Stock Performance

Shares of BNS traded down $0.51 during mid-day trading on Tuesday, reaching $46.93. The company’s stock had a trading volume of 1,999,681 shares, compared to its average volume of 1,652,837. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The business has a 50-day simple moving average of $49.70 and a two-hundred day simple moving average of $52.26. The stock has a market cap of $58.45 billion, a P/E ratio of 10.86, a PEG ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.32%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 82.77%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. 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 on the stock in a report on Wednesday, February 26th. Finally, CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $81.00.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after acquiring an additional 524,496 shares during the last quarter. Galibier Capital Management Ltd. raised its stake in Bank of Nova Scotia by 38,283.3% in the 4th quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock worth $25,586,000 after purchasing an additional 475,479 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Bank of Nova Scotia by 7.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock valued at $58,839,000 after purchasing an additional 77,820 shares during the period. Mediolanum International Funds Ltd acquired a new position in shares of Bank of Nova Scotia during the 4th quarter worth approximately $292,000. Finally, Blue Trust Inc. increased its holdings in shares of Bank of Nova Scotia by 98.6% during the fourth quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock worth $171,000 after purchasing an additional 1,556 shares during the period. 49.13% of the stock is owned by institutional investors.

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.