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

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw a large decrease in short interest during the month of February. As of February 14th, there was short interest totalling 5,350,000 shares, a decrease of 32.1% from the January 30th total of 7,880,000 shares. Based on an average daily volume of 749,200 shares, the days-to-cover ratio is currently 7.1 days. Approximately 0.4% of the company’s stock are short sold.

Shares of NYSE BNS traded up $0.01 during trading on Wednesday, reaching $54.42. 1,106,604 shares of the company traded hands, compared to its average volume of 757,911. The firm has a 50 day simple moving average of $55.59 and a 200-day simple moving average of $55.73. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $66.01 billion, a PE ratio of 10.84, a P/E/G ratio of 1.72 and a beta of 1.08. Bank of Nova Scotia has a 52-week low of $50.36 and a 52-week high of $58.22.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, February 25th. The bank reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.49. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.26 billion. Bank of Nova Scotia had a net margin of 17.99% and a return on equity of 13.65%. During the same quarter last year, the firm posted $1.75 EPS. As a group, research analysts predict that Bank of Nova Scotia will post 5.51 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Tuesday, April 7th will be issued a dividend of $0.6772 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Monday, April 6th. Bank of Nova Scotia’s payout ratio is presently 51.58%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. purchased a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at about $39,246,000. 1832 Asset Management L.P. boosted its holdings in shares of Bank of Nova Scotia by 1.9% in the fourth quarter. 1832 Asset Management L.P. now owns 15,814,472 shares of the bank’s stock worth $893,245,000 after buying an additional 292,867 shares during the last quarter. FSA Wealth Management LLC purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth approximately $100,000. National Pension Service boosted its holdings in shares of Bank of Nova Scotia by 8.3% in the fourth quarter. National Pension Service now owns 1,506,448 shares of the bank’s stock worth $110,498,000 after buying an additional 115,845 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Bank of Nova Scotia by 14.3% in the fourth quarter. Geode Capital Management LLC now owns 1,776,365 shares of the bank’s stock worth $100,843,000 after buying an additional 222,498 shares during the last quarter. 46.73% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on BNS. Credit Suisse Group downgraded shares of Bank of Nova Scotia from an “outperform” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Friday, December 13th. Barclays reissued a “buy” rating and set a $82.00 price objective on shares of Bank of Nova Scotia in a research report on Wednesday. Desjardins increased their price objective on shares of Bank of Nova Scotia from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. ValuEngine raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Friday, January 10th. Finally, Citigroup downgraded shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, December 17th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $74.78.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

Further Reading: Cash Flow

Receive News & Ratings for Bank of Nova Scotia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of Nova Scotia and related companies with MarketBeat.com's FREE daily email newsletter.