Cormark Has Pessimistic Outlook of BNS FY2024 Earnings

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities researchers at Cormark lowered their FY2024 earnings estimates for Bank of Nova Scotia in a report issued on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will post earnings per share of $4.70 for the year, down from their prior forecast of $4.78. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.53 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2026 earnings at $5.77 EPS.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The company had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter in the previous year, the business earned $1.30 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year.

Several other equities analysts have also weighed in on BNS. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of Nova Scotia has an average rating of “Moderate Buy” and a consensus target price of $69.00.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $56.55 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $53.49 and its 200 day moving average price is $49.49. Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $56.79. The firm has a market cap of $70.37 billion, a P/E ratio of 13.53, a PEG ratio of 1.52 and a beta of 1.05.

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 company. Silvercrest Asset Management Group LLC lifted its holdings in shares of Bank of Nova Scotia by 1.3% in the first quarter. Silvercrest Asset Management Group LLC now owns 22,677 shares of the bank’s stock valued at $1,174,000 after purchasing an additional 294 shares in the last quarter. Janus Henderson Group PLC boosted its position in Bank of Nova Scotia by 6.1% during the 1st quarter. Janus Henderson Group PLC now owns 143,849 shares of the bank’s stock worth $7,455,000 after acquiring an additional 8,230 shares during the period. Brown Shipley& Co Ltd purchased a new position in Bank of Nova Scotia during the 1st quarter valued at about $393,000. Cetera Investment Advisers purchased a new position in Bank of Nova Scotia during the 1st quarter valued at about $2,112,000. Finally, Cetera Advisors LLC acquired a new position in shares of Bank of Nova Scotia in the 1st quarter valued at about $435,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

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.