Bank of Nova Scotia (NYSE:BNS) Shares Gap Down – Time to Sell?

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) gapped down prior to trading on Tuesday . The stock had previously closed at $52.19, but opened at $51.00. Bank of Nova Scotia shares last traded at $52.77, with a volume of 344,504 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BNS shares. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Bank of America lowered Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a 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. Finally, Royal Bank of Canada reduced their price objective on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $81.00.

Bank of Nova Scotia Price Performance

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 firm has a market cap of $65.95 billion, a PE ratio of 12.26, a P/E/G ratio of 1.16 and a beta of 1.11. The stock’s fifty day moving average price is $48.73 and its 200-day moving average price is $51.08.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Tuesday, April 1st were given a $0.7415 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 5.60%. Bank of Nova Scotia’s dividend payout ratio is presently 83.05%.

Hedge Funds Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in shares of Bank of Nova Scotia by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock worth $58,839,000 after purchasing an additional 77,820 shares during the last quarter. Mediolanum International Funds Ltd acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at $292,000. Blue Trust Inc. increased its position in Bank of Nova Scotia by 98.6% during the 4th quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock worth $171,000 after purchasing an additional 1,556 shares in the last quarter. HighTower Advisors LLC raised its stake in Bank of Nova Scotia by 11.8% in the 4th quarter. HighTower Advisors LLC now owns 11,438 shares of the bank’s stock valued at $614,000 after purchasing an additional 1,207 shares during the last quarter. Finally, Orca Wealth Management LLC purchased a new position in Bank of Nova Scotia in the 4th quarter valued at about $888,000. Institutional investors and hedge funds 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.