National Bank Financial Research Analysts Lower Earnings Estimates for The Bank of Nova Scotia (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities research analysts at National Bank Financial cut their FY2024 EPS estimates for shares of Bank of Nova Scotia in a research report issued to clients and investors on Tuesday, May 28th. National Bank Financial analyst G. Dechaine now forecasts that the bank will post earnings per share of $4.81 for the year, down from their prior estimate of $4.96. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.82 per share. National Bank Financial also issued estimates for Bank of Nova Scotia’s Q4 2024 earnings at $1.20 EPS and FY2025 earnings at $5.07 EPS.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, February 27th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.06. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The company had revenue of $14.13 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the firm posted $1.37 EPS.

A number of other equities analysts have also issued reports on the stock. StockNews.com lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday. Barclays initiated coverage on shares of Bank of Nova Scotia in a report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on shares of Bank of Nova Scotia in a report on Thursday, February 22nd. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $68.00.

Bank of Nova Scotia Stock Performance

BNS opened at $47.35 on Thursday. Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $51.98. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $58.22 billion, a PE ratio of 10.66, a P/E/G ratio of 1.71 and a beta of 1.06. The firm has a 50 day moving average of $48.15 and a two-hundred day moving average of $47.34.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC increased its holdings in Bank of Nova Scotia by 70.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after acquiring an additional 242 shares in the last quarter. Fifth Third Bancorp increased its holdings in Bank of Nova Scotia by 71.6% in the 4th quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after acquiring an additional 358 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Bank of Nova Scotia in the 3rd quarter worth $42,000. Global Retirement Partners LLC increased its holdings in Bank of Nova Scotia by 144.6% in the 1st quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock worth $50,000 after acquiring an additional 567 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Bank of Nova Scotia in the 1st quarter worth $53,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.769 per share. This represents a $3.08 annualized dividend and a dividend yield of 6.50%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio (DPR) is 70.72%.

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.