Cormark Analysts Decrease Earnings Estimates for The Bank of Nova Scotia (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Investment analysts at Cormark lowered their Q2 2023 earnings per share estimates for shares of Bank of Nova Scotia in a research report issued on Tuesday, May 23rd. Cormark analyst L. Persaud now expects that the bank will post earnings per share of $1.33 for the quarter, down from their previous estimate of $1.38. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.59 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2023 earnings at $5.54 EPS and FY2024 earnings at $5.79 EPS.

Other equities research analysts have also issued research reports about the stock. Scotiabank lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Canaccord Genuity Group lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. StockNews.com began coverage on shares of Bank of Nova Scotia in a report on Thursday, May 18th. They issued a “sell” rating for the company. Royal Bank of Canada lowered their price objective on shares of Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 1st. Finally, Barclays lowered shares of Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $87.15.

Bank of Nova Scotia Trading Down 0.7 %

Shares of NYSE:BNS opened at $49.19 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $49.57 and its 200 day moving average price is $50.67. The company has a market cap of $58.94 billion, a PE ratio of 8.85, a P/E/G ratio of 2.03 and a beta of 1.02. Bank of Nova Scotia has a fifty-two week low of $45.26 and a fifty-two week high of $68.59.

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). Bank of Nova Scotia had a net margin of 17.03% and a return on equity of 15.08%. The company had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $6.10 billion.

Bank of Nova Scotia Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Tuesday, April 4th were given a $0.774 dividend. This represents a $3.10 annualized dividend and a yield of 6.29%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.76. The ex-dividend date was Monday, April 3rd. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 54.86%.

Institutional Investors Weigh In On Bank of Nova Scotia

Several hedge funds have recently made changes to their positions in BNS. Coston McIsaac & Partners lifted its position in shares of Bank of Nova Scotia by 167.9% in the 1st quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock worth $25,000 after acquiring an additional 314 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Bank of Nova Scotia by 302.3% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 535 shares of the bank’s stock worth $26,000 after buying an additional 402 shares in the last quarter. Endurance Wealth Management Inc. increased its holdings in Bank of Nova Scotia by 1,190.5% in the 1st quarter. Endurance Wealth Management Inc. now owns 542 shares of the bank’s stock valued at $27,000 after buying an additional 500 shares during the period. HBC Financial Services PLLC acquired a new position in shares of Bank of Nova Scotia in the 1st quarter valued at $30,000. Finally, Glassman Wealth Services boosted its position in shares of Bank of Nova Scotia by 85.4% during the 4th quarter. Glassman Wealth Services now owns 864 shares of the bank’s stock valued at $42,000 after acquiring an additional 398 shares in the last quarter. Institutional investors own 45.19% of the company’s stock.

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.