Short Interest in Bank of Nova Scotia (The) (NYSE:BNS) Grows By 65.9%

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 12,148,829 shares, an increase of 65.9% from the August 15th total of 7,323,637 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average trading volume of 2,193,291 shares, the days-to-cover ratio is currently 5.5 days.

Bank of Nova Scotia Trading Down 0.4%

Shares of BNS stock opened at $92.95 on Thursday. Bank of Nova Scotia has a 12-month low of $62.98 and a 12-month high of $95.34. The company has a market capitalization of $113.10 billion, a P/E ratio of 16.82, a P/E/G ratio of 1.05 and a beta of 1.12. The firm has a 50-day moving average price of $89.91 and a 200 day moving average price of $81.70. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.11. The firm had revenue of $7.52 billion for the quarter, compared to analysts’ expectations of $7.11 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.84 earnings per share. Research analysts forecast that Bank of Nova Scotia will post 6.19 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, October 6th. Bank of Nova Scotia’s payout ratio is presently 58.05%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BNS. Royal Bank Of Canada raised their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 28th. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating on the stock. Weiss Ratings raised Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, September 1st. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, August 25th. Finally, National Bank Financial raised Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently bought and sold shares of the business. Maseco LLP acquired a new position in Bank of Nova Scotia in the first quarter worth $30,000. CoreCap Advisors LLC increased its stake in shares of Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock valued at $38,000 after buying an additional 410 shares in the last quarter. Addison Advisors LLC acquired a new stake in shares of Bank of Nova Scotia in the second quarter valued at $39,000. Global Retirement Partners LLC acquired a new stake in shares of Bank of Nova Scotia in the second quarter valued at $46,000. Finally, Jones Financial Companies Lllp bought a new position in shares of Bank of Nova Scotia in the second quarter valued at about $61,000. 49.13% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.

Scotiabank’s principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.

The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.