Bank of Nova Scotia (The) (NYSE:BNS) Sees Significant Growth in Short Interest

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) saw a significant increase in short interest in December. As of December 31st, there was short interest totaling 18,512,659 shares, an increase of 34.2% from the December 15th total of 13,794,839 shares. Based on an average daily trading volume, of 2,092,334 shares, the short-interest ratio is currently 8.8 days. Approximately 1.5% of the company’s shares are sold short. Approximately 1.5% of the company’s shares are sold short. Based on an average daily trading volume, of 2,092,334 shares, the short-interest ratio is currently 8.8 days.

Bank of Nova Scotia Price Performance

Shares of BNS stock traded down $0.18 on Monday, hitting $73.38. 4,786,549 shares of the stock traded hands, compared to its average volume of 1,988,502. The firm has a market cap of $90.59 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 0.96 and a beta of 1.11. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50 day simple moving average of $71.13 and a two-hundred day simple moving average of $64.43. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $74.97.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.33 by $0.06. The business had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $6.85 billion. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 EPS. As a group, equities research analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, January 6th. This represents a $4.40 dividend on an annualized basis and a yield of 6.0%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 79.85%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in shares of Bank of Nova Scotia by 111.2% during the 1st quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock valued at $911,000 after acquiring an additional 10,056 shares during the period. Parallel Advisors LLC grew its holdings in Bank of Nova Scotia by 57.7% in the second quarter. Parallel Advisors LLC now owns 3,065 shares of the bank’s stock valued at $169,000 after purchasing an additional 1,122 shares during the period. Sivia Capital Partners LLC acquired a new stake in Bank of Nova Scotia in the second quarter valued at approximately $330,000. Mn Services Vermogensbeheer B.V. increased its position in shares of Bank of Nova Scotia by 5.2% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 239,000 shares of the bank’s stock valued at $13,189,000 after buying an additional 11,900 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Bank of Nova Scotia by 0.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 53,428 shares of the bank’s stock worth $2,957,000 after buying an additional 413 shares during the period. 49.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BNS shares. Raymond James Financial assumed coverage on Bank of Nova Scotia in a report on Tuesday, November 25th. They issued an “outperform” rating for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Nova Scotia in a research note on Monday, December 29th. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $97.00.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.