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

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 30,260,000 shares, an increase of 26.8% from the December 15th total of 23,870,000 shares. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is presently 21.6 days. Approximately 2.5% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BNS. Royal Bank of Canada raised their target price on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 4th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. 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 given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Stock Down 1.6 %

NYSE BNS traded down $0.84 during trading on Friday, hitting $50.86. 2,218,248 shares of the company traded hands, compared to its average volume of 1,503,873. Bank of Nova Scotia has a 12 month low of $43.67 and a 12 month high of $57.07. The business has a fifty day simple moving average of $54.26 and a 200 day simple moving average of $51.37. 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 company has a market capitalization of $63.34 billion, a P/E ratio of 11.77, a PEG ratio of 1.16 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.93%. Bank of Nova Scotia’s payout ratio is presently 68.29%.

Hedge Funds Weigh In On Bank of Nova Scotia

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its stake in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after purchasing an additional 810 shares during the period. City State Bank bought a new position in shares of Bank of Nova Scotia in the third quarter worth about $57,000. Fortitude Family Office LLC bought a new position in Bank of Nova Scotia during the fourth quarter valued at about $73,000. Blue Trust Inc. increased its stake in Bank of Nova Scotia by 171.6% during the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after acquiring an additional 997 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in Bank of Nova Scotia during the third quarter valued at about $111,000. 49.13% of the stock is currently 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.