The Bank of Nova Scotia (NYSE:BNS) Is a Buy on the Dip

The BNS stock price fluctuated between $62.53 and $63.3 throughout the trading session with the volume trading being 322415 shares, which represented a negative variation when compared to the three months average volume of 1M shares.

The share price of The Bank of Nova Scotia (NYSE:BNS) dipped -1.03% to close Friday’s market session at $62.58, lower as compared to yesterday’s close which brings the market valuation of the company to $75.95B.

The 52-week high for the The Bank of Nova Scotia’s shares is $68.02. That puts it -8% from that peak but still a 53.77% gain since the share price dropped to a 52-week low of $40.16, while the S&P 500’s share price change was of 35.10%.

The company currently has a 12.62 P/E ratio and a price target of $71.51.

What does the trading volume tell us about the BNS stock?

During the last trading session, The Bank of Nova Scotia (NYSE:BNS) has seen decay in its daily volume. The daily volume was of 1M, while in the last 10 days the average was 945.4k and last three months – 1.4M.
The decreasing interest in the BNS stock from the investors is helping to drive the stock price down.

Shrinking short interest

The The Bank of Nova Scotia’s shares are seeing a decreasing short interest compared to the previous month. As of today, there are 6.5M shares being shorted which translates into 4.12 of a short ratio for BNS, while in the previous month the shorted shares were 6.87M.

The Bank of Nova Scotia (NYSE:BNS) financials

With a market cap of 75.95B, The Bank of Nova Scotia holds a total cash of $361.93B that translates into $298.16 per share, while the total debt is of $182.68B.

The company has seen an increase in the revenue with a year-over-year quarterly revenue growth percentage of 18.20%. The current revenue is of $26.46B that is $21.83 per share.
This is a great sign for a bright future.