Bank of Nova Scotia (NYSE:BNS) Sees Strong Trading Volume - Time to Buy?

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS saw unusually-strong trading volume on Friday . Approximately 5,058,565 shares changed hands during trading, an increase of 311% from the previous session's volume of 1,231,545 shares.The stock last traded at $53.74 and had previously closed at $53.64.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BNS shares. Barclays raised shares of Bank of Nova Scotia from an "underweight" rating to an "equal weight" rating in a research note on Thursday, November 21st. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 20th. Bank of America raised shares of Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a report on Tuesday, November 19th. UBS Group upgraded Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a report on Monday, November 18th. Finally, Royal Bank of Canada lifted their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a "sector perform" rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $72.00.

Bank of Nova Scotia Trading Down 0.5 %

The company has a 50 day simple moving average of $54.44 and a 200 day simple moving average of $50.91. The company has a market capitalization of $66.47 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be paid a $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend is Tuesday, January 7th. Bank of Nova Scotia's dividend payout ratio (DPR) is 72.45%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its stake in shares of Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank's stock valued at $241,981,000 after buying an additional 660,097 shares during the period. Rathbones Group PLC grew its position in Bank of Nova Scotia by 11.8% in the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank's stock worth $6,235,000 after acquiring an additional 14,379 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Bank of Nova Scotia by 2,455.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank's stock worth $69,627,000 after acquiring an additional 1,462,360 shares during the last quarter. Intact Investment Management Inc. increased its stake in Bank of Nova Scotia by 48.3% during the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank's stock worth $85,201,000 after acquiring an additional 509,120 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Bank of Nova Scotia by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank's stock valued at $204,214,000 after purchasing an additional 150,247 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.