Bank of Nova Scotia (NYSE:BNS) Sees Large Volume Increase

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) shares saw unusually-strong trading volume on Monday . Approximately 6,045,334 shares changed hands during mid-day trading, an increase of 228% from the previous session’s volume of 1,844,473 shares.The stock last traded at $54.50 and had previously closed at $54.44.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BNS. UBS Group started coverage on Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of Nova Scotia has an average rating of “Hold” and an average target price of $69.00.

Bank of Nova Scotia Stock Performance

The firm has a market cap of $66.91 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.71 and a beta of 1.04. The firm’s 50 day moving average price is $49.00 and its 200-day moving average price is $48.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping the consensus estimate of $1.62 by $0.01. The business had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. Bank of Nova Scotia’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $1.30 EPS. On average, analysts anticipate that The Bank of Nova Scotia will post 4.8 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd will be paid a $0.768 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 dividend on an annualized basis and a yield of 5.64%. Bank of Nova Scotia’s payout ratio is presently 70.72%.

Institutional Trading of Bank of Nova Scotia

Institutional investors and hedge funds have recently modified their holdings of the stock. Mather Group LLC. lifted its stake in Bank of Nova Scotia by 1,388.9% in the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock valued at $25,000 after acquiring an additional 500 shares in the last quarter. Blue Trust Inc. grew its stake in Bank of Nova Scotia by 3,127.8% in the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after purchasing an additional 563 shares in the last quarter. Bruce G. Allen Investments LLC boosted its holdings in shares of Bank of Nova Scotia by 70.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after buying an additional 242 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $53,000. Finally, Galibier Capital Management Ltd. acquired a new stake in shares of Bank of Nova Scotia in the first quarter valued at approximately $76,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Company Profile

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.