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 %
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
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.
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