Bank of Nova Scotia (NYSE:BNS) Sees Strong Trading Volume – Time to Buy?

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) shares saw strong trading volume on Friday . 5,058,565 shares traded hands during trading, an increase of 311% from the previous session’s volume of 1,231,545 shares.The stock last traded at $53.74 and had previously closed at $53.64.

Analysts Set New Price Targets

A number of research firms have commented on BNS. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Royal Bank of Canada increased their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Stock Performance

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 firm’s fifty day moving average price is $54.44 and its two-hundred day moving average price is $50.91. The stock has a market capitalization of $66.75 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be paid a $0.7535 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.62%. Bank of Nova Scotia’s dividend payout ratio is presently 72.45%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BNS. BNP Paribas Financial Markets grew its holdings in Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares in the last quarter. City State Bank purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth about $57,000. Blue Trust Inc. raised its stake in shares of Bank of Nova Scotia by 171.6% in the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after acquiring an additional 997 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Bank of Nova Scotia during the 3rd quarter worth $111,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Bank of Nova Scotia during the second quarter worth approximately $104,000. 49.13% of the stock is owned by hedge funds and other 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.