Bank of Nova Scotia (NYSE:BNS) Sees Unusually-High Trading Volume - Still a Buy?

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS saw unusually-high trading volume on Monday . Approximately 5,357,999 shares traded hands during mid-day trading, an increase of 223% from the previous session's volume of 1,656,439 shares.The stock last traded at $47.20 and had previously closed at $47.73.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Bank of America lowered shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday. Cibc World Mkts cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. Royal Bank of Canada decreased their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Finally, CIBC reissued a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $81.00.

Bank of Nova Scotia Stock Down 3.0 %

The company has a market capitalization of $58.44 billion, a P/E ratio of 10.86, a PEG ratio of 1.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average of $49.55 and a 200-day moving average of $52.20.

Remove Ads

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be given a $0.7415 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.32%. Bank of Nova Scotia's dividend payout ratio is currently 82.77%.

Institutional Trading of Bank of Nova Scotia

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Bank of Nova Scotia during the 4th quarter valued at $690,746,000. Toronto Dominion Bank increased its position in shares of Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank's stock valued at $1,361,752,000 after buying an additional 2,195,604 shares during the period. Zurich Insurance Group Ltd FI bought a new position in Bank of Nova Scotia in the fourth quarter worth about $96,529,000. Geode Capital Management LLC raised its stake in Bank of Nova Scotia by 31.8% in the fourth quarter. Geode Capital Management LLC now owns 7,433,171 shares of the bank's stock worth $406,103,000 after buying an additional 1,792,700 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Bank of Nova Scotia by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank's stock worth $2,758,150,000 after buying an additional 969,488 shares during the period. Hedge funds and other institutional investors own 49.13% of the company's stock.

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.