Bank of Nova Scotia (NYSE:BNS) Sees Unusually-High Trading Volume

The Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) saw unusually-high trading volume on Wednesday . Approximately 55,296 shares changed hands during trading, a decline of 97% from the previous session’s volume of 1,810,964 shares.The stock last traded at $65.36 and had previously closed at $63.59.

BNS has been the topic of several research analyst reports. Credit Suisse Group restated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Friday, May 20th. BMO Capital Markets lifted their target price on shares of Bank of Nova Scotia from C$93.00 to C$95.00 in a research report on Wednesday, March 2nd. StockNews.com assumed coverage on shares of Bank of Nova Scotia in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 17th. Finally, TD Securities downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Thursday, March 10th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.66.

The firm has a market capitalization of $78.04 billion, a price-to-earnings ratio of 10.28, a P/E/G ratio of 1.59 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.07. The business has a fifty day moving average price of $67.64 and a 200 day moving average price of $69.23.

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) last released its quarterly earnings data on Tuesday, March 1st. The bank reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.52. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.87 billion. Bank of Nova Scotia had a return on equity of 15.22% and a net margin of 25.54%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. On average, analysts expect that The Bank of Nova Scotia will post 6.53 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 27th. Stockholders of record on Tuesday, April 5th were issued a dividend of $0.7884 per share. This represents a $3.15 dividend on an annualized basis and a dividend yield of 4.86%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.78. The ex-dividend date was Monday, April 4th. Bank of Nova Scotia’s dividend payout ratio is presently 50.39%.

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Bank of Nova Scotia by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 40,996,068 shares of the bank’s stock worth $2,940,238,000 after purchasing an additional 1,320,299 shares during the period. 1832 Asset Management L.P. boosted its position in Bank of Nova Scotia by 2.0% during the 1st quarter. 1832 Asset Management L.P. now owns 17,571,892 shares of the bank’s stock worth $1,243,830,000 after purchasing an additional 352,484 shares during the period. Toronto Dominion Bank boosted its position in Bank of Nova Scotia by 6.7% during the 1st quarter. Toronto Dominion Bank now owns 16,218,985 shares of the bank’s stock worth $1,166,916,000 after purchasing an additional 1,011,387 shares during the period. Norges Bank purchased a new stake in Bank of Nova Scotia during the 4th quarter worth $760,634,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Bank of Nova Scotia by 22.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,616,724 shares of the bank’s stock worth $760,696,000 after purchasing an additional 1,914,499 shares during the period. Institutional investors and hedge funds own 45.01% of the company’s stock.

About Bank of Nova Scotia (NYSE:BNS)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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