The Bank of Nova Scotia (NYSE:BNS) Short Interest Up 26.8% in December

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 30,260,000 shares, an increase of 26.8% from the December 15th total of 23,870,000 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is presently 21.6 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BNS. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One equities research 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. Based on data from MarketBeat, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Institutional Trading of Bank of Nova Scotia

Several hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank increased its stake in shares of Bank of Nova Scotia by 9.6% in the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. Mackenzie Financial Corp grew its holdings in Bank of Nova Scotia by 4.7% in the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock worth $690,438,000 after buying an additional 683,946 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Bank of Nova Scotia by 24.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after acquiring an additional 2,346,995 shares during the period. CIBC Asset Management Inc raised its stake in Bank of Nova Scotia by 2.4% during the 3rd quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank’s stock valued at $550,729,000 after acquiring an additional 240,803 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Bank of Nova Scotia by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 9,281,724 shares of the bank’s stock worth $424,497,000 after acquiring an additional 57,796 shares during the period. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Performance

BNS traded down $0.84 during trading on Friday, reaching $50.86. 2,218,248 shares of the company were exchanged, compared to its average volume of 1,503,873. Bank of Nova Scotia has a 52 week low of $43.67 and a 52 week high of $57.07. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average of $54.26 and a 200 day moving average of $51.37. The stock has a market cap of $63.34 billion, a P/E ratio of 11.77, a PEG ratio of 1.16 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.93%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 68.29%.

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.