Cormark Brokers Cut Earnings Estimates for The Bank of Nova Scotia (TSE:BNS)

The Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) – Stock analysts at Cormark lowered their Q2 2023 earnings per share estimates for Bank of Nova Scotia in a research note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the bank will post earnings of $1.80 per share for the quarter, down from their previous forecast of $1.87. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $7.61 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2023 earnings at $7.49 EPS and FY2024 earnings at $7.82 EPS.

Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) last released its earnings results on Tuesday, February 28th. The bank reported C$1.85 earnings per share for the quarter, missing analysts’ consensus estimates of C$2.04 by C($0.19). Bank of Nova Scotia had a return on equity of 12.30% and a net margin of 30.69%. The business had revenue of C$7.98 billion during the quarter, compared to analysts’ expectations of C$8.25 billion.

Several other research firms also recently weighed in on BNS. Fundamental Research set a C$86.76 price target on Bank of Nova Scotia and gave the stock a “buy” rating in a research note on Tuesday, March 14th. CSFB lowered their price target on Bank of Nova Scotia from C$72.00 to C$70.00 in a research report on Tuesday, May 16th. Barclays downgraded shares of Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from C$78.00 to C$64.00 in a research report on Tuesday, May 9th. BMO Capital Markets dropped their target price on shares of Bank of Nova Scotia from C$85.00 to C$75.00 in a research note on Wednesday, March 1st. Finally, TD Securities reduced their price target on shares of Bank of Nova Scotia from C$72.00 to C$69.00 and set a “hold” rating for the company in a research report on Wednesday, March 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average target price of C$76.45.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at C$66.51 on Wednesday. Bank of Nova Scotia has a fifty-two week low of C$63.19 and a fifty-two week high of C$86.22. The firm’s 50-day simple moving average is C$67.05 and its two-hundred day simple moving average is C$68.42. The stock has a market cap of C$79.15 billion, a PE ratio of 9.19, a price-to-earnings-growth ratio of 2.97 and a beta of 0.94.

Bank of Nova Scotia Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Tuesday, April 4th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 6.19%. The ex-dividend date was Monday, April 3rd. Bank of Nova Scotia’s dividend payout ratio is 56.91%.

Bank of Nova Scotia Company Profile

(Get Rating)

The Bank of Nova Scotia engages in the provision of various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.