Bank of Nova Scotia (NYSE:BNS) Sees Strong Trading Volume

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-strong trading volume on Tuesday . Approximately 3,898,564 shares were traded during mid-day trading, an increase of 102% from the previous session’s volume of 1,927,494 shares.The stock last traded at $45.36 and had previously closed at $45.46.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. UBS Group began coverage on shares of Bank of Nova Scotia in a research note on Tuesday. They set a “neutral” rating for the company. StockNews.com lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Finally, Barclays initiated coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 price target on the stock. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $68.00.

Bank of Nova Scotia Trading Down 0.8 %

The company has a market cap of $55.88 billion, a price-to-earnings ratio of 10.24, a P/E/G ratio of 1.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a fifty day moving average price of $46.90 and a 200 day moving average price of $47.65.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The company had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. As a group, equities analysts predict that The Bank of Nova Scotia will post 4.82 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd will be paid a $0.769 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $3.08 annualized dividend and a yield of 6.77%. Bank of Nova Scotia’s dividend payout ratio is 70.72%.

Institutional Investors Weigh In On Bank of Nova Scotia

Large investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its holdings in shares of Bank of Nova Scotia by 2.5% in the fourth quarter. US Bancorp DE now owns 68,826 shares of the bank’s stock valued at $3,351,000 after purchasing an additional 1,660 shares during the last quarter. Wellington Management Group LLP grew its stake in Bank of Nova Scotia by 1.5% in the 4th quarter. Wellington Management Group LLP now owns 2,280,248 shares of the bank’s stock valued at $111,232,000 after buying an additional 33,490 shares during the last quarter. Vanguard Group Inc. raised its holdings in Bank of Nova Scotia by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 45,691,098 shares of the bank’s stock valued at $2,083,057,000 after acquiring an additional 725,489 shares during the period. Prudential PLC lifted its position in Bank of Nova Scotia by 141.7% during the fourth quarter. Prudential PLC now owns 38,482 shares of the bank’s stock worth $1,873,000 after acquiring an additional 22,561 shares during the last quarter. Finally, Foguth Wealth Management LLC. bought a new stake in shares of Bank of Nova Scotia during the first quarter worth approximately $905,000. 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.