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

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-strong trading volume on Monday . Approximately 5,357,999 shares traded hands during 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.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BNS shares. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday. Finally, Royal Bank of Canada reduced their price objective on 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $81.00.

Bank of Nova Scotia Stock Down 1.1 %

The company’s 50-day simple moving average is $49.70 and its two-hundred day simple moving average is $52.26. The firm has a market capitalization of $58.45 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 1.11. 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 business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 6.32%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Institutional Trading of Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently bought and sold shares of BNS. Norges Bank purchased a new position in shares of Bank of Nova Scotia during the 4th quarter valued at about $690,746,000. Toronto Dominion Bank lifted its holdings in 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 purchasing an additional 2,195,604 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Bank of Nova Scotia during the fourth quarter valued at approximately $96,529,000. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 1,792,700 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 969,488 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

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.