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

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares saw an uptick in trading volume on Monday. Approximately 5,086,319 shares changed hands during trading, an increase of 119% from the previous session’s volume of 2,324,228 shares. The stock last traded at $90.6860 and had previously closed at $91.19.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings raised Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, September 1st. National Bank Financial upgraded Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 26th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, August 25th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $117.00.

Bank of Nova Scotia Price Performance

The firm has a market cap of $109.84 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 1.01 and a beta of 1.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The company has a 50 day moving average of $91.18 and a 200 day moving average of $83.72.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.The firm had revenue of $7.52 billion for the quarter, compared to analyst estimates of $7.11 billion. During the same period in the previous year, the company posted $1.84 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts predict that Bank of Nova Scotia will post 6.19 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a dividend of C$1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia’s payout ratio is 58.05%.

Institutional Trading of Bank of Nova Scotia

A number of large investors have recently bought and sold shares of the business. Versant Capital Management Inc increased its holdings in shares of Bank of Nova Scotia by 1.2% in the third quarter. Versant Capital Management Inc now owns 10,460 shares of the bank’s stock valued at $950,000 after purchasing an additional 119 shares during the last quarter. Greenspring Advisors LLC lifted its stake in shares of Bank of Nova Scotia by 7.9% during the 2nd quarter. Greenspring Advisors LLC now owns 3,778 shares of the bank’s stock worth $328,000 after buying an additional 275 shares during the last quarter. Kathmere Capital Management LLC lifted its stake in shares of Bank of Nova Scotia by 8.5% during the 1st quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock worth $248,000 after buying an additional 281 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Bank of Nova Scotia by 1.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 21,386 shares of the bank’s stock worth $1,482,000 after buying an additional 294 shares during the period. Finally, HB Wealth Management LLC boosted its holdings in shares of Bank of Nova Scotia by 5.2% during the 2nd quarter. HB Wealth Management LLC now owns 6,146 shares of the bank’s stock worth $534,000 after buying an additional 305 shares during the period. 49.13% of the stock is owned by institutional investors.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1832, it is one of Canada’s largest banks and provides a broad range of banking and financial services to individuals, businesses, institutions and governments.

Scotiabank’s principal activities include Canadian personal and commercial banking, wealth management, and global banking and markets. Its products and services include deposit accounts, residential mortgages, consumer and business loans, credit cards, investment and advisory services, foreign exchange, capital markets and corporate finance.

The bank serves customers across Canada and maintains international operations, particularly in Mexico, Peru, Chile and selected markets in the Caribbean and Central America.