Short Interest in The Bank of Nova Scotia (NYSE:BNS) Increases By 23.6%

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BNS. Royal Bank of Canada reduced 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 research report on Wednesday, February 26th. Cibc World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Bank of America lowered Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. Finally, CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $81.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Wealth Enhancement Advisory Services LLC raised its position in shares of Bank of Nova Scotia by 54.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,629 shares of the bank’s stock valued at $1,216,000 after buying an additional 8,018 shares during the last quarter. AlphaCore Capital LLC purchased a new position in Bank of Nova Scotia in the 4th quarter worth approximately $413,000. Forum Financial Management LP boosted its holdings in Bank of Nova Scotia by 50.3% in the 4th quarter. Forum Financial Management LP now owns 15,483 shares of the bank’s stock valued at $832,000 after purchasing an additional 5,180 shares during the last quarter. Vise Technologies Inc. lifted its holdings in Bank of Nova Scotia by 7.3% in the fourth quarter. Vise Technologies Inc. now owns 17,905 shares of the bank’s stock valued at $962,000 after acquiring an additional 1,214 shares during the last quarter. Finally, Retirement Planning Group LLC lifted its stake in shares of Bank of Nova Scotia by 6.8% in the 4th quarter. Retirement Planning Group LLC now owns 13,918 shares of the bank’s stock valued at $748,000 after purchasing an additional 881 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $47.48 on Thursday. Bank of Nova Scotia has a twelve month low of $43.68 and a twelve month high of $57.07. The stock has a 50-day moving average of $49.62 and a 200 day moving average of $52.23. 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 stock has a market capitalization of $59.14 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given 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 payout ratio is 82.77%.

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.