Update on short interests of Bank of Nova Scotia (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS – Get Free Report) TSE: BNS experienced a sharp increase in short interest in May. As of May 15, there were short interests totaling 23,320,000 shares, an increase of 7.1% from the total of 21,770,000 shares as of April 30. Based on an average daily trading volume of 1,810,000 shares, the days-to-cover ratio is currently 12.9 days. Currently, 1.9% of the company's shares are shorted.

Share price development of the Bank of Nova Scotia

Bank of Nova Scotia shares rose $0.47 during midday trading on Friday, reaching $47.33. The trading volume of the company's shares was 2,331,928 shares, compared to its average volume of 1,366,001. The company has a market capitalization of $58.20 billion, a P/E ratio of 10.66, a PEG ratio of 1.75 and a beta of 1.06. The company's 50-day moving average price is $48.15 and its 200-day moving average price is $47.36. Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $51.98. The company has a debt to equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia cuts dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will receive a dividend of $0.769 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents an annualized dividend of $3.08 and a yield of 6.50%. Bank of Nova Scotia's dividend payout ratio (DPR) is 70.72%.

Institutional inflows and outflows

Hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC acquired a new stake in shares of Bank of Nova Scotia in the first quarter valued at $3,684,000. Cetera Advisors LLC acquired a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $435,000. Cetera Investment Advisers acquired a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $2,112,000. Brown Shipley & Co Ltd acquired a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $393,000. Finally, Janus Henderson Group PLC increased its stake in shares of Bank of Nova Scotia by 6.1% in the first quarter. Janus Henderson Group PLC now owns 143,849 shares of the bank's stock valued at $7,455,000 after buying an additional 8,230 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company's shares.

Changes in analyst ratings

Several brokerages have commented on BNS. Jefferies Financial Group began coverage on shares of Bank of Nova Scotia in a research report on Thursday, February 22nd. They gave the stock a “hold” rating. Barclays began coverage on Bank of Nova Scotia in a research report on Wednesday, March 20th. They gave the stock an “underweight” rating and a $70.00 price target. Finally, StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating and three have given a “hold” rating. Bank of Nova Scotia currently has a consensus rating of “Hold” and an average price target of $68.00, according to data from MarketBeat.com.

Get our latest stock analysis on Bank of Nova Scotia

About the Bank of Nova Scotia

(Get free report)

The Bank of Nova Scotia offers a variety of 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 business segments.

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