Bank of Nova Scotia (TSE:BNS) Posts Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) posted its quarterly earnings results on Wednesday. The bank reported C$2.18 earnings per share for the quarter, topping the consensus estimate of C$1.96 by C$0.22, reports. The company had revenue of C$7.94 billion during the quarter, compared to analysts’ expectations of C$7.78 billion.

Bank of Nova Scotia stock traded up C$0.97 during trading on Friday, reaching C$85.30. The company had a trading volume of 2,556,458 shares, compared to its average volume of 4,234,199. Bank of Nova Scotia has a 52 week low of C$75.84 and a 52 week high of C$95.00. The firm’s 50-day simple moving average is C$85.26 and its 200 day simple moving average is C$87.87. The firm has a market capitalization of C$102.05 billion and a price-to-earnings ratio of 10.69.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Tuesday, July 5th will be issued a $1.03 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Monday, July 4th. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 47.63%.

Several brokerages have commented on BNS. Royal Bank of Canada increased their target price on Bank of Nova Scotia from C$93.00 to C$94.00 and gave the company an “outperform” rating in a research note on Thursday. Canaccord Genuity Group increased their target price on Bank of Nova Scotia from C$89.00 to C$92.00 in a research note on Thursday. BMO Capital Markets raised their price target on Bank of Nova Scotia from C$93.00 to C$95.00 in a research note on Wednesday, March 2nd. National Bankshares raised their price target on Bank of Nova Scotia from C$90.00 to C$91.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, Stifel Nicolaus raised their price target on Bank of Nova Scotia from C$95.00 to C$97.00 in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$90.96.

About Bank of Nova Scotia (Get Rating)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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