Short Interest in Bank of Nova Scotia (The) (NYSE:BNS) Drops By 58.6%

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) was the target of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 7,520,099 shares, a drop of 58.6% from the January 15th total of 18,153,692 shares. Approximately 0.6% of the shares of the company are sold short. Based on an average trading volume of 1,919,042 shares, the short-interest ratio is presently 3.9 days. Based on an average trading volume of 1,919,042 shares, the short-interest ratio is presently 3.9 days. Approximately 0.6% of the shares of the company are sold short.

Bank of Nova Scotia Price Performance

Shares of BNS stock traded down $1.32 during midday trading on Thursday, reaching $75.87. 1,550,590 shares of the company traded hands, compared to its average volume of 1,774,540. The firm’s 50 day simple moving average is $73.93 and its two-hundred day simple moving average is $66.96. The firm has a market cap of $93.67 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 1.01 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. Bank of Nova Scotia has a 1-year low of $44.09 and a 1-year high of $78.28.

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

Bank of Nova Scotia Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Tuesday, January 6th were given a $1.10 dividend. The ex-dividend date was Tuesday, January 6th. This represents a $4.40 annualized dividend and a dividend yield of 5.8%. Bank of Nova Scotia’s payout ratio is currently 79.85%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BNS shares. Royal Bank Of Canada raised their price objective on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 3rd. Raymond James Financial initiated coverage on Bank of Nova Scotia in a research report on Tuesday, November 25th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Bank of Nova Scotia in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average price target of $97.00.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Vanguard Group Inc. grew its position in shares of Bank of Nova Scotia by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock valued at $4,221,440,000 after purchasing an additional 1,169,073 shares during the last quarter. Canerector Inc. grew its holdings in Bank of Nova Scotia by 8,899.0% during the 3rd quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after buying an additional 26,697,000 shares during the last quarter. TD Asset Management Inc increased its position in Bank of Nova Scotia by 1.7% during the fourth quarter. TD Asset Management Inc now owns 18,674,585 shares of the bank’s stock worth $1,379,120,000 after buying an additional 310,564 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of Nova Scotia in the fourth quarter worth $1,368,456,000. Finally, Scotia Capital Inc. raised its holdings in shares of Bank of Nova Scotia by 0.6% in the second quarter. Scotia Capital Inc. now owns 14,231,690 shares of the bank’s stock worth $786,729,000 after acquiring an additional 90,158 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.