Short Interest in The Bank of Nova Scotia (NYSE:BNS) Declines By 27.5%

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 30,310,000 shares, a drop of 27.5% from the March 31st total of 41,800,000 shares. Approximately 2.4% of the company's shares are sold short. Based on an average trading volume of 1,990,000 shares, the days-to-cover ratio is currently 15.2 days.

Bank of Nova Scotia Stock Performance

NYSE BNS traded down $0.20 during mid-day trading on Tuesday, reaching $50.08. 198,221 shares of the stock were exchanged, compared to its average volume of 1,681,568. The business's 50 day moving average is $47.92 and its 200-day moving average is $51.24. The company has a market capitalization of $62.37 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.16 and a beta of 1.11. Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Tuesday, April 1st were paid a $0.7415 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 5.92%. Bank of Nova Scotia's dividend payout ratio is currently 83.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Murphy & Mullick Capital Management Corp acquired a new position in Bank of Nova Scotia in the fourth quarter valued at approximately $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter worth approximately $31,000. Allworth Financial LP raised its holdings in shares of Bank of Nova Scotia by 121.1% in the 4th quarter. Allworth Financial LP now owns 639 shares of the bank's stock valued at $33,000 after purchasing an additional 350 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in Bank of Nova Scotia during the 1st quarter worth about $52,000. Finally, Independence Bank of Kentucky boosted its holdings in Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock valued at $56,000 after purchasing an additional 326 shares in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Bank of America downgraded Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. CIBC reissued a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Royal Bank of Canada cut their target price on 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 given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $81.00.

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.