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

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) saw unusually large options trading on Thursday. Investors bought 1,135 call options on the company. This is an increase of approximately 981% compared to the average daily volume of 105 call options.

A number of institutional investors have recently modified their holdings of the stock. Two Sigma Advisers LP lifted its position in Bank of Nova Scotia by 17.5% during the second quarter. Two Sigma Advisers LP now owns 712,704 shares of the bank’s stock valued at $29,392,000 after purchasing an additional 106,400 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in Bank of Nova Scotia during the second quarter valued at approximately $1,798,000. Toronto Dominion Bank lifted its position in Bank of Nova Scotia by 28.9% during the second quarter. Toronto Dominion Bank now owns 24,024,153 shares of the bank’s stock valued at $995,222,000 after purchasing an additional 5,380,755 shares during the period. PNC Financial Services Group Inc. lifted its position in Bank of Nova Scotia by 24.5% during the second quarter. PNC Financial Services Group Inc. now owns 15,815 shares of the bank’s stock valued at $652,000 after purchasing an additional 3,112 shares during the period. Finally, Neuberger Berman Group LLC lifted its position in Bank of Nova Scotia by 7.2% during the second quarter. Neuberger Berman Group LLC now owns 518,787 shares of the bank’s stock valued at $21,448,000 after purchasing an additional 35,004 shares during the period. Institutional investors own 44.21% of the company’s stock.

A number of analysts recently commented on BNS shares. Royal Bank of Canada dropped their price target on Bank of Nova Scotia from $64.00 to $61.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 26th. Barclays lowered Bank of Nova Scotia from an “overweight” rating to an “underweight” rating and dropped their price target for the stock from $59.00 to $53.00 in a research note on Wednesday, August 19th. CIBC initiated coverage on Bank of Nova Scotia in a research report on Friday, July 24th. They set a “neutral” rating for the company. Canaccord Genuity reissued a “hold” rating and set a $60.50 price objective on shares of Bank of Nova Scotia in a research report on Wednesday, August 19th. Finally, Zacks Investment Research lowered Bank of Nova Scotia from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $63.21.

BNS opened at $40.61 on Friday. Bank of Nova Scotia has a 1 year low of $31.94 and a 1 year high of $58.22. The stock has a 50-day moving average price of $42.50 and a 200-day moving average price of $40.79. The firm has a market cap of $49.20 billion, a PE ratio of 9.72, a P/E/G ratio of 1.93 and a beta of 0.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.04 and a quick ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 25th. The bank reported $1.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.07). Bank of Nova Scotia had a net margin of 15.72% and a return on equity of 11.11%. The company had revenue of $7.73 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the company posted $1.88 EPS. Bank of Nova Scotia’s revenue was up 1.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of Nova Scotia will post 3.93 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be given a dividend of $0.6814 per share. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.66. The ex-dividend date is Monday, October 5th. This represents a $2.73 dividend on an annualized basis and a yield of 6.71%. Bank of Nova Scotia’s dividend payout ratio is 49.53%.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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