Short Interest in The Bank of Nova Scotia (NYSE:BNS) Rises By 23.6%

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 35,440,000 shares, a growth of 23.6% from the February 28th total of 28,670,000 shares. Based on an average daily volume of 1,700,000 shares, the short-interest ratio is presently 20.8 days. Approximately 2.9% of the shares of the company are short sold.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Magnus Financial Group LLC raised its holdings in shares of Bank of Nova Scotia by 4.1% in the fourth quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock valued at $274,000 after buying an additional 200 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Bank of Nova Scotia by 3.5% in the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock valued at $336,000 after purchasing an additional 211 shares in the last quarter. Moran Wealth Management LLC raised its position in Bank of Nova Scotia by 6.5% in the 4th quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock worth $211,000 after purchasing an additional 240 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Bank of Nova Scotia by 4.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the bank’s stock worth $290,000 after buying an additional 248 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in Bank of Nova Scotia by 10.2% in the 4th quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock valued at $154,000 after buying an additional 264 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada lowered their price objective on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

NYSE:BNS traded up $0.61 on Wednesday, reaching $47.48. The stock had a trading volume of 1,780,889 shares, compared to its average volume of 1,653,351. The company has a market capitalization of $59.14 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The stock has a fifty day moving average price of $49.70 and a 200-day moving average price of $52.26. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. 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 dividend payout ratio is 82.77%.

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.