The Bank of Nova Scotia (NYSE:BNS) Short Interest Update

The Bank of Nova Scotia (NYSE:BNSGet Free Report) (TSE:BNS) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 23,320,000 shares, a growth of 7.1% from the April 30th total of 21,770,000 shares. Based on an average daily trading volume, of 1,810,000 shares, the days-to-cover ratio is currently 12.9 days. Currently, 1.9% of the shares of the company are sold short.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock traded up $0.47 during mid-day trading on Friday, reaching $47.33. The company’s stock had a trading volume of 2,331,928 shares, compared to its average volume of 1,366,001. The company has a market capitalization of $58.20 billion, a P/E ratio of 10.66, a PEG ratio of 1.75 and a beta of 1.06. The firm’s fifty day moving average price is $48.15 and its two-hundred day moving average price is $47.36. Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $51.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will be issued a dividend of $0.769 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a yield of 6.50%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 70.72%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth $3,684,000. Cetera Advisors LLC purchased a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $435,000. Cetera Investment Advisers purchased a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $2,112,000. Brown Shipley& Co Ltd bought a new stake in shares of Bank of Nova Scotia during the 1st quarter valued at about $393,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Bank of Nova Scotia by 6.1% during the first quarter. Janus Henderson Group PLC now owns 143,849 shares of the bank’s stock worth $7,455,000 after purchasing an additional 8,230 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on BNS. Jefferies Financial Group initiated coverage on shares of Bank of Nova Scotia in a research report on Thursday, February 22nd. They issued a “hold” rating on the stock. Barclays began coverage on Bank of Nova Scotia in a research note on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price objective on the stock. Finally, StockNews.com lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $68.00.

Get Our Latest Stock Analysis on Bank of Nova Scotia

About Bank of Nova Scotia

(Get Free Report)

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.

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