Q2 2023 EPS Estimates for The Bank of Nova Scotia Decreased by Analyst (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Analysts at National Bank Financial reduced their Q2 2023 EPS estimates for shares of Bank of Nova Scotia in a research report issued to clients and investors on Wednesday, May 17th. National Bank Financial analyst G. Dechaine now forecasts that the bank will post earnings of $1.35 per share for the quarter, down from their previous forecast of $1.41. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.61 per share. National Bank Financial also issued estimates for Bank of Nova Scotia’s Q3 2023 earnings at $1.39 EPS, Q4 2023 earnings at $1.38 EPS, FY2023 earnings at $5.51 EPS and FY2024 earnings at $5.60 EPS.

Several other research analysts have also recently weighed in on the company. Barclays cut Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, May 9th. Royal Bank of Canada cut their price target on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 1st. StockNews.com started coverage on Bank of Nova Scotia in a research note on Thursday. They set a “sell” rating for the company. Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Finally, Canaccord Genuity Group lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $87.15.

Bank of Nova Scotia Price Performance

Shares of NYSE BNS opened at $49.26 on Friday. Bank of Nova Scotia has a 1-year low of $45.26 and a 1-year high of $68.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.04 and a quick ratio of 1.04. The business’s fifty day moving average price is $49.52 and its two-hundred day moving average price is $50.61. The firm has a market capitalization of $59.02 billion, a PE ratio of 8.86, a P/E/G ratio of 2.04 and a beta of 1.02.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last posted its earnings results on Tuesday, February 28th. The bank reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.15). The business had revenue of $5.93 billion for the quarter, compared to analyst estimates of $6.10 billion. Bank of Nova Scotia had a return on equity of 15.08% and a net margin of 17.03%.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Tuesday, April 4th were issued a dividend of $0.774 per share. The ex-dividend date was Monday, April 3rd. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.76. This represents a $3.10 annualized dividend and a yield of 6.29%. Bank of Nova Scotia’s payout ratio is presently 54.86%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harbour Investments Inc. raised its stake in Bank of Nova Scotia by 10.2% during the 4th quarter. Harbour Investments Inc. now owns 2,115 shares of the bank’s stock worth $104,000 after buying an additional 195 shares during the period. Cetera Investment Advisers grew its holdings in shares of Bank of Nova Scotia by 3.7% in the first quarter. Cetera Investment Advisers now owns 5,548 shares of the bank’s stock valued at $398,000 after acquiring an additional 196 shares in the last quarter. First Manhattan Co. grew its holdings in Bank of Nova Scotia by 5.1% during the fourth quarter. First Manhattan Co. now owns 4,204 shares of the bank’s stock valued at $206,000 after purchasing an additional 204 shares during the period. HB Wealth Management LLC grew its holdings in Bank of Nova Scotia by 4.4% during the first quarter. HB Wealth Management LLC now owns 5,338 shares of the bank’s stock valued at $269,000 after purchasing an additional 225 shares during the period. Finally, Guggenheim Capital LLC lifted its position in shares of Bank of Nova Scotia by 1.5% during the first quarter. Guggenheim Capital LLC now owns 16,443 shares of the bank’s stock worth $1,179,000 after acquiring an additional 250 shares in the last quarter. 45.19% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

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The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.