The Bank of Nova Scotia (NYSE:BNS) Sees Significant Growth in Short Interest

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS was the recipient of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 35,440,000 shares, a growth of 23.6% from the February 28th total of 28,670,000 shares. Based on an average trading volume of 1,700,000 shares, the short-interest ratio is currently 20.8 days. Approximately 2.9% of the shares of the company are sold short.

Bank of Nova Scotia Price Performance

BNS traded down $1.45 during trading on Friday, reaching $46.92. 3,802,191 shares of the stock were exchanged, compared to its average volume of 1,673,873. Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The company has a market capitalization of $58.44 billion, a price-to-earnings ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 1.02. The business's 50 day moving average price is $49.45 and its two-hundred day moving average price is $52.16. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

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

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. Murphy & Mullick Capital Management Corp purchased a new position in shares of Bank of Nova Scotia during the 4th quarter worth approximately $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Bank of Nova Scotia during the 4th quarter valued at $31,000. Allworth Financial LP increased its position in Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank's stock worth $33,000 after buying an additional 350 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank's stock worth $47,000 after acquiring an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC purchased a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at $73,000. Institutional investors and hedge funds own 49.13% of the company's stock.

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Analyst Upgrades and Downgrades

BNS has been the subject of a number of recent research reports. Bank of America cut Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. CIBC reaffirmed a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Royal Bank of Canada dropped their price objective on shares of 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 World Mkts lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia has an average rating of "Hold" and a consensus target price of $81.00.

About Bank of Nova Scotia

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.