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 an uptick in trading volume on Friday . 5,058,565 shares changed hands during 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.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Royal Bank of Canada boosted their price target on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Bank of Nova Scotia Stock Down 0.1 %

The stock has a fifty day moving average of $54.44 and a 200 day moving average of $50.91. The firm has a market capitalization of $66.75 billion, a P/E ratio of 12.41, 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a dividend of $0.7535 per share. This represents a $3.01 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 72.45%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its stake in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares in the last quarter. City State Bank purchased a new position in shares of Bank of Nova Scotia in the third quarter worth $57,000. Blue Trust Inc. boosted its stake in shares of Bank of Nova Scotia by 171.6% in the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after buying an additional 997 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Bank of Nova Scotia during the second quarter valued at approximately $104,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Bank of Nova Scotia in the third quarter worth about $111,000. Hedge funds and other institutional investors 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.