Bank of Nova Scotia (NYSE:BNS) Sees Strong Trading Volume – Here’s Why

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-high trading volume on Friday . Approximately 5,058,565 shares changed hands during mid-day trading, an increase of 311% from the previous session’s volume of 1,231,545 shares.The stock last traded at $53.74 and had previously closed at $53.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Bank of Nova Scotia Stock Performance

The stock’s 50-day moving average price is $54.48 and its 200 day moving average price is $50.99. The firm has a market cap of $66.47 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.65%. Bank of Nova Scotia’s dividend payout ratio is 72.45%.

Institutional Trading of Bank of Nova Scotia

Hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC grew its stake in Bank of Nova Scotia by 7.1% in the second quarter. Natixis Advisors LLC now owns 45,698 shares of the bank’s stock valued at $2,089,000 after purchasing an additional 3,011 shares in the last quarter. Ballentine Partners LLC raised its position in Bank of Nova Scotia by 7.0% during the second quarter. Ballentine Partners LLC now owns 13,770 shares of the bank’s stock worth $630,000 after acquiring an additional 902 shares in the last quarter. Triasima Portfolio Management inc. lifted its stake in Bank of Nova Scotia by 58.3% in the second quarter. Triasima Portfolio Management inc. now owns 127,589 shares of the bank’s stock valued at $5,834,000 after acquiring an additional 46,997 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at about $104,000. Finally, Prudential PLC grew its position in shares of Bank of Nova Scotia by 21.0% in the 2nd quarter. Prudential PLC now owns 45,276 shares of the bank’s stock valued at $2,071,000 after acquiring an additional 7,873 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.