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

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 41,800,000 shares, an increase of 17.9% from the March 15th total of 35,440,000 shares. Based on an average trading volume of 1,980,000 shares, the short-interest ratio is presently 21.1 days. Currently, 3.4% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of research firms have issued reports 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 for the company in a research note on Wednesday, February 26th. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

BNS traded up $0.01 during trading on Monday, hitting $47.48. The company’s stock had a trading volume of 2,383,990 shares, compared to its average volume of 1,679,481. The firm’s 50 day moving average price is $48.21 and its two-hundred day moving average price is $51.48. The company has a quick ratio of 1.03, a current 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 price-to-earnings-growth ratio of 1.16 and a beta of 1.02. Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company 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 $0.7415 dividend. 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 6.25%. Bank of Nova Scotia’s payout ratio is 83.05%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Bank of Nova Scotia by 1.4% during the third quarter. State Street Corp now owns 124,030 shares of the bank’s stock worth $6,758,000 after purchasing an additional 1,690 shares in the last quarter. Barclays PLC raised its position in shares of Bank of Nova Scotia by 27.5% during the third quarter. Barclays PLC now owns 214,957 shares of the bank’s stock worth $11,712,000 after purchasing an additional 46,421 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at about $111,000. Franklin Resources Inc. lifted its holdings in shares of Bank of Nova Scotia by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank’s stock valued at $68,689,000 after purchasing an additional 171,539 shares in the last quarter. Finally, Fortitude Family Office LLC acquired a new position in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $73,000. Institutional investors own 49.13% of the company’s stock.

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.