The Bank of Nova Scotia (NYSE:BNS) Short Interest Up 23.6% in March

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw a significant growth in short interest in 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. Approximately 2.9% of the company’s stock are short sold. Based on an average daily volume of 1,700,000 shares, the short-interest ratio is currently 20.8 days.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BNS. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Royal Bank of Canada dropped their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Bank of America lowered shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.00.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of large investors have recently bought and sold shares of BNS. Wealth Enhancement Advisory Services LLC lifted its position in shares of Bank of Nova Scotia by 54.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,629 shares of the bank’s stock worth $1,216,000 after buying an additional 8,018 shares during the last quarter. AlphaCore Capital LLC bought a new position in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $413,000. Forum Financial Management LP lifted its holdings in Bank of Nova Scotia by 50.3% in the 4th quarter. Forum Financial Management LP now owns 15,483 shares of the bank’s stock worth $832,000 after purchasing an additional 5,180 shares during the last quarter. Vise Technologies Inc. boosted its position in Bank of Nova Scotia by 7.3% during the fourth quarter. Vise Technologies Inc. now owns 17,905 shares of the bank’s stock worth $962,000 after purchasing an additional 1,214 shares during the period. Finally, Retirement Planning Group LLC grew its holdings in Bank of Nova Scotia by 6.8% during the fourth quarter. Retirement Planning Group LLC now owns 13,918 shares of the bank’s stock valued at $748,000 after purchasing an additional 881 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Up 1.3 %

Shares of NYSE BNS traded up $0.61 during trading hours on Wednesday, hitting $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 P/E/G ratio of 1.16 and a beta of 1.11. The firm’s 50-day moving average price is $49.70 and its two-hundred day moving average price is $52.26. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week 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. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.25%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

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.