Bank of Nova Scotia (NYSE:BNS) Sees Large Volume Increase – Here’s What Happened

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-strong trading volume on Monday . Approximately 5,357,999 shares changed hands during mid-day trading, an increase of 223% from the previous session’s volume of 1,656,439 shares.The stock last traded at $47.20 and had previously closed at $47.73.

Analysts Set New Price Targets

Several analysts have weighed in on BNS shares. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Bank of America cut Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada reduced their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Stock Down 1.1 %

The firm has a market capitalization of $58.45 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 1.11. The company has a fifty day simple moving average of $49.70 and a 200 day simple moving average of $52.26. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a yield of 6.32%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is 82.77%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Bank of Nova Scotia by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank’s stock valued at $2,758,150,000 after acquiring an additional 969,488 shares in the last quarter. Toronto Dominion Bank boosted its stake in Bank of Nova Scotia by 1.7% during the 4th quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank’s stock valued at $1,363,619,000 after purchasing an additional 434,771 shares during the last quarter. TD Asset Management Inc. increased its holdings in shares of Bank of Nova Scotia by 1.7% in the 4th quarter. TD Asset Management Inc. now owns 18,966,078 shares of the bank’s stock worth $1,017,933,000 after purchasing an additional 308,837 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth $690,746,000. Finally, CIBC Asset Management Inc lifted its holdings in shares of Bank of Nova Scotia by 1.8% during the fourth quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock valued at $551,766,000 after purchasing an additional 184,761 shares in the last quarter. 49.13% of the stock is owned by hedge funds and other 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.