Bank of Nova Scotia (NYSE:BNS) Sees Large Volume Increase

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw an uptick in trading volume on Tuesday . 3,898,564 shares were traded during trading, an increase of 102% from the previous session’s volume of 1,927,494 shares.The stock last traded at $45.36 and had previously closed at $45.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BNS shares. UBS Group started coverage on Bank of Nova Scotia in a research report on Tuesday. They set a “neutral” rating on the stock. StockNews.com lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Finally, Barclays started coverage on shares of Bank of Nova Scotia in a research note on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $68.00.

Bank of Nova Scotia Price Performance

The firm has a market cap of $55.88 billion, a P/E ratio of 10.24, a P/E/G ratio of 1.70 and a beta of 1.04. The company has a fifty day moving average of $46.90 and a 200-day moving average of $47.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The firm had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, sell-side analysts anticipate that The Bank of Nova Scotia will post 4.82 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd will be given a $0.769 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s payout ratio is 70.72%.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Bank of Nova Scotia in the 4th quarter worth approximately $652,409,000. TD Asset Management Inc boosted its position in Bank of Nova Scotia by 23.2% in the fourth quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock worth $970,577,000 after purchasing an additional 3,731,541 shares during the last quarter. Sprott Inc. bought a new position in Bank of Nova Scotia in the 3rd quarter valued at $146,907,000. Clearbridge Investments LLC bought a new position in Bank of Nova Scotia in the 4th quarter valued at $114,447,000. Finally, 1832 Asset Management L.P. increased its position in shares of Bank of Nova Scotia by 16.1% during the 1st quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after purchasing an additional 2,361,136 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

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.