The Bank of Nova Scotia (NYSE:BNS) Sees Large Increase in Short Interest

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 41,800,000 shares, a growth of 17.9% from the March 15th total of 35,440,000 shares. Currently, 3.4% of the company's shares are sold short. Based on an average daily trading volume, of 1,980,000 shares, the days-to-cover ratio is currently 21.1 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Bank of Nova Scotia by 1.4% in the 3rd quarter. State Street Corp now owns 124,030 shares of the bank's stock worth $6,758,000 after purchasing an additional 1,690 shares during the last quarter. Barclays PLC raised its holdings in shares of Bank of Nova Scotia by 27.5% during the third quarter. Barclays PLC now owns 214,957 shares of the bank's stock valued at $11,712,000 after buying an additional 46,421 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Bank of Nova Scotia during the 3rd quarter valued at $111,000. Franklin Resources Inc. grew its stake in shares of Bank of Nova Scotia by 15.4% in the third quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank's stock worth $68,689,000 after purchasing an additional 171,539 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at about $73,000. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Up 0.5 %

Shares of Bank of Nova Scotia stock traded up $0.24 during trading on Friday, reaching $48.80. The company had a trading volume of 1,502,355 shares, compared to its average volume of 1,692,662. The firm's fifty day moving average is $48.04 and its 200-day moving average is $51.41. Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07. The company has a market cap of $60.78 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. 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 company 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 dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a yield of 6.08%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 83.05%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BNS shares. Bank of America downgraded Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. Cibc World Mkts cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Royal Bank of Canada lowered their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Finally, CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of "Hold" and a consensus price target of $81.00.

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.