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

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares saw unusually-strong trading volume on Monday . Approximately 7,213,352 shares were traded during trading, an increase of 204% from the previous session’s volume of 2,369,791 shares.The stock last traded at $86.7710 and had previously closed at $85.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Royal Bank Of Canada increased their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research note on Thursday, May 28th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Trading Down 1.8%

The company has a 50 day moving average of $81.50 and a 200-day moving average of $76.25. The stock has a market cap of $103.71 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.08 and a beta of 1.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same quarter in the prior year, the company earned $1.52 earnings per share. The business’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts anticipate that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BNS. AQR Capital Management LLC raised its position in Bank of Nova Scotia by 111.2% in the 1st quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock valued at $911,000 after purchasing an additional 10,056 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Bank of Nova Scotia during the second quarter worth approximately $330,000. EverSource Wealth Advisors LLC raised its holdings in Bank of Nova Scotia by 42.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank’s stock valued at $120,000 after acquiring an additional 649 shares in the last quarter. Sei Investments Co. raised its holdings in Bank of Nova Scotia by 2.1% in the second quarter. Sei Investments Co. now owns 21,212 shares of the bank’s stock valued at $1,172,000 after acquiring an additional 434 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Bank of Nova Scotia by 61.1% in the second quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank’s stock worth $3,701,000 after acquiring an additional 25,400 shares during the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

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.