Short Interest in Bank of Nova Scotia (NYSE:BNS) Drops By 31.8%

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Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 5,260,000 shares, a decline of 31.8% from the September 30th total of 7,710,000 shares. Based on an average daily trading volume, of 881,800 shares, the days-to-cover ratio is currently 6.0 days. Currently, 0.4% of the shares of the company are short sold.

A number of equities research analysts have weighed in on the company. ValuEngine cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, September 24th. Desjardins boosted their price objective on Bank of Nova Scotia from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Zacks Investment Research cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th. Finally, Credit Suisse Group boosted their price objective on Bank of Nova Scotia from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.29.

Shares of Bank of Nova Scotia stock traded up $0.04 during trading hours on Thursday, hitting $57.45. 430,256 shares of the company were exchanged, compared to its average volume of 779,591. Bank of Nova Scotia has a 1 year low of $48.34 and a 1 year high of $58.22. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average of $57.16 and a 200-day moving average of $54.32. The stock has a market capitalization of $69.68 billion, a price-to-earnings ratio of 10.56, a P/E/G ratio of 1.86 and a beta of 1.18.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, August 27th. The bank reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.04. Bank of Nova Scotia had a return on equity of 13.53% and a net margin of 18.32%. The business had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the business earned $1.76 earnings per share. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of Nova Scotia will post 5.39 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.682 per share. This represents a $2.73 annualized dividend and a dividend yield of 4.75%. The ex-dividend date was Monday, September 30th. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.65. Bank of Nova Scotia’s dividend payout ratio is 50.00%.

Institutional investors have recently added to or reduced their stakes in the company. Doyle Wealth Management purchased a new stake in shares of Bank of Nova Scotia during the second quarter worth approximately $31,000. Mcmillion Capital Management Inc. purchased a new stake in shares of Bank of Nova Scotia during the second quarter worth approximately $46,000. HM Payson & Co. purchased a new stake in shares of Bank of Nova Scotia during the second quarter worth approximately $51,000. LifePlan Financial Group Inc raised its stake in shares of Bank of Nova Scotia by 210.7% during the second quarter. LifePlan Financial Group Inc now owns 1,165 shares of the bank’s stock worth $63,000 after purchasing an additional 790 shares during the last quarter. Finally, Lindbrook Capital LLC raised its stake in shares of Bank of Nova Scotia by 91.8% during the third quarter. Lindbrook Capital LLC now owns 1,258 shares of the bank’s stock worth $72,000 after purchasing an additional 602 shares during the last quarter. Institutional investors and hedge funds own 46.15% of the company’s stock.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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