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

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) saw a large growth in short interest in December. As of December 31st, there was short interest totaling 18,512,659 shares, a growth of 34.2% from the December 15th total of 13,794,839 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average daily volume of 2,092,334 shares, the short-interest ratio is currently 8.8 days. Based on an average daily volume of 2,092,334 shares, the short-interest ratio is currently 8.8 days. Currently, 1.5% of the shares of the stock are short sold.

Bank of Nova Scotia Stock Down 0.2%

Shares of BNS stock traded down $0.18 on Monday, reaching $73.38. 4,786,549 shares of the stock were exchanged, compared to its average volume of 1,988,502. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $71.13 and its 200 day moving average price is $64.43. The company has a market capitalization of $90.59 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 0.96 and a beta of 1.11. Bank of Nova Scotia has a twelve month low of $44.09 and a twelve month high of $74.97.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, December 2nd. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.06. Bank of Nova Scotia had a return on equity of 12.10% and a net margin of 10.60%.The business had revenue of $6.99 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter last year, the company earned $1.57 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, sell-side analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Tuesday, January 6th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, January 6th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 6.0%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 79.85%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BNS shares. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Bank of Nova Scotia in a research report on Monday, December 29th. Finally, Raymond James Financial began coverage on shares of Bank of Nova Scotia in a report on Tuesday, November 25th. They issued an “outperform” rating for the company. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and a consensus target price of $97.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mondrian Investment Partners LTD purchased a new position in Bank of Nova Scotia in the 3rd quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of Bank of Nova Scotia during the 2nd quarter valued at $33,000. Quarry LP acquired a new stake in Bank of Nova Scotia during the third quarter worth about $35,000. Virtus Advisers LLC acquired a new position in Bank of Nova Scotia during the third quarter valued at approximately $39,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth $45,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.