Bank of Nova Scotia (NYSE:BNS) Sees Unusually-High Trading Volume – What’s Next?

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-strong trading volume on Friday . Approximately 5,058,565 shares changed hands during mid-day trading, an increase of 311% from the previous session’s volume of 1,231,545 shares.The stock last traded at $53.74 and had previously closed at $53.64.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BNS shares. Royal Bank of Canada raised their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia Stock Performance

The company has a market cap of $66.47 billion, a P/E ratio of 12.36, a PEG ratio of 1.26 and a beta of 1.07. The stock’s 50-day moving average price is $54.48 and its 200-day moving average price is $50.99. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.65%. Bank of Nova Scotia’s payout ratio is presently 72.45%.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Bank of Nova Scotia by 260.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock worth $298,575,000 after acquiring an additional 3,958,580 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Bank of Nova Scotia by 5,380.9% in the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock worth $216,447,000 after purchasing an additional 3,899,760 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Bank of Nova Scotia in the second quarter worth $120,463,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of Nova Scotia by 24.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after purchasing an additional 2,346,995 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

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.