The Bank of Nova Scotia (NYSE:BNS) Sees Large Increase in Short Interest

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw 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 volume of 1,700,000 shares, the short-interest ratio is currently 20.8 days. Approximately 2.9% of the company’s stock are short sold.

Institutional Trading of Bank of Nova Scotia

Several hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Bank of Nova Scotia by 54.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,629 shares of the bank’s stock worth $1,216,000 after acquiring an additional 8,018 shares in the last quarter. AlphaCore Capital LLC acquired a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at about $413,000. Forum Financial Management LP grew its holdings in shares of Bank of Nova Scotia by 50.3% during the fourth quarter. Forum Financial Management LP now owns 15,483 shares of the bank’s stock worth $832,000 after buying an additional 5,180 shares in the last quarter. Vise Technologies Inc. raised its position in Bank of Nova Scotia by 7.3% in the 4th quarter. Vise Technologies Inc. now owns 17,905 shares of the bank’s stock valued at $962,000 after buying an additional 1,214 shares during the last quarter. Finally, Retirement Planning Group LLC boosted its position in Bank of Nova Scotia by 6.8% during the 4th quarter. Retirement Planning Group LLC now owns 13,918 shares of the bank’s stock worth $748,000 after acquiring an additional 881 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on BNS. 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 for the company in a research note on Wednesday, February 26th. Bank of America lowered shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Finally, CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. One 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. Based on data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

Shares of BNS stock traded down $0.51 during trading hours on Tuesday, hitting $46.93. 1,999,681 shares of the company’s stock were exchanged, compared to its average volume of 1,652,837. The stock’s 50-day moving average is $49.70 and its 200-day moving average is $52.26. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week high of $57.07. The stock has a market cap of $58.45 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The firm 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 $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 6.32%. Bank of Nova Scotia’s dividend payout ratio is presently 82.77%.

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.