Short Interest in Bank of Nova Scotia (The) (NYSE:BNS) Grows By 65.9%

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 12,148,829 shares, an increase of 65.9% from the August 15th total of 7,323,637 shares. Based on an average trading volume of 2,193,291 shares, the short-interest ratio is currently 5.5 days. Currently, 1.0% of the shares of the stock are sold short.

Bank of Nova Scotia Stock Performance

Shares of NYSE:BNS opened at $92.95 on Thursday. The stock has a market capitalization of $113.10 billion, a P/E ratio of 16.82, a P/E/G ratio of 1.05 and a beta of 1.12. Bank of Nova Scotia has a 1-year low of $62.98 and a 1-year high of $95.34. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The business has a 50-day moving average price of $89.91 and a two-hundred day moving average price of $81.70.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.11. The company had revenue of $7.52 billion for the quarter, compared to the consensus estimate of $7.11 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.84 EPS. Equities analysts predict that Bank of Nova Scotia will post 6.19 earnings per share for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be issued a $1.14 dividend. This represents a $4.56 annualized dividend and a yield of 4.9%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia’s dividend payout ratio is currently 58.05%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BNS shares. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 28th. National Bank Financial upgraded shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 26th. Keefe, Bruyette & Woods began coverage on Bank of Nova Scotia in a report on Friday, August 21st. They set an “outperform” rating on the stock. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, August 25th. Finally, Weiss Ratings upgraded Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC raised its position in shares of Bank of Nova Scotia by 7.7% during the 2nd quarter. Tidal Investments LLC now owns 20,205 shares of the bank’s stock valued at $1,755,000 after acquiring an additional 1,437 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $822,000. Cidel Asset Management Inc. lifted its stake in shares of Bank of Nova Scotia by 119.1% in the 2nd quarter. Cidel Asset Management Inc. now owns 353,888 shares of the bank’s stock valued at $30,748,000 after purchasing an additional 192,388 shares during the period. Integrated Wealth Concepts LLC boosted its position in shares of Bank of Nova Scotia by 33.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 14,651 shares of the bank’s stock worth $1,272,000 after purchasing an additional 3,685 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Bank of Nova Scotia in the 2nd quarter worth $6,974,000. 49.13% of the stock is owned by institutional investors.

About Bank of Nova Scotia

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.

Scotiabank’s principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.

The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.