Bank of Nova Scotia (NYSE:BNS) Sees Large Volume Increase – Should You Buy?

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually-strong trading volume on Monday . Approximately 5,357,999 shares were traded 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

BNS has been the subject of a number of research analyst reports. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. 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. Finally, Royal Bank of Canada reduced their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Bank of Nova Scotia Stock Down 0.5 %

The stock has a market capitalization of $59.16 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.16 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day moving average price is $49.87 and its 200 day moving average price is $52.33.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be given a $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 6.25%. Bank of Nova Scotia’s payout ratio is 82.77%.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of institutional investors have recently added to or reduced their stakes in BNS. Murphy & Mullick Capital Management Corp purchased a new position in Bank of Nova Scotia during the fourth quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $31,000. Allworth Financial LP boosted 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 worth $33,000 after purchasing an additional 350 shares during the period. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after buying an additional 810 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in Bank of Nova Scotia in the fourth quarter worth $73,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

About Bank of Nova Scotia

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.