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

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Equities research analysts at Desjardins reduced their FY2023 earnings per share estimates for shares of Bank of Nova Scotia in a report issued on Wednesday, May 24th. Desjardins analyst D. Young now expects that the bank will earn $5.22 per share for the year, down from their previous estimate of $5.51. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.56 per share. Desjardins also issued estimates for Bank of Nova Scotia’s FY2024 earnings at $5.81 EPS.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last posted its quarterly earnings results on Tuesday, February 28th. The bank reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.15). The firm had revenue of $5.93 billion for the quarter, compared to the consensus estimate of $6.10 billion. Bank of Nova Scotia had a return on equity of 14.12% and a net margin of 14.16%.

Other research analysts also recently issued research reports about the company. StockNews.com assumed coverage on Bank of Nova Scotia in a research note on Thursday, May 18th. They issued a “sell” rating for the company. Royal Bank of Canada cut their target price 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. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Wednesday, March 1st. Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Finally, Barclays downgraded Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $86.06.

Bank of Nova Scotia Stock Up 0.2 %

BNS stock opened at $49.06 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $58.78 billion, a price-to-earnings ratio of 9.64, a PEG ratio of 2.14 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. The stock has a fifty day moving average of $49.63 and a 200-day moving average of $50.64.

Hedge Funds Weigh In On Bank of Nova Scotia

Large investors have recently modified their holdings of the company. Coston McIsaac & Partners raised its holdings in shares of Bank of Nova Scotia by 167.9% during the 1st quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock valued at $25,000 after buying an additional 314 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Bank of Nova Scotia by 302.3% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 535 shares of the bank’s stock valued at $26,000 after buying an additional 402 shares in the last quarter. Endurance Wealth Management Inc. raised its holdings in shares of Bank of Nova Scotia by 1,190.5% during 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 in the last quarter. HBC Financial Services PLLC purchased a new position in shares of Bank of Nova Scotia during the 1st quarter valued at about $30,000. Finally, Glassman Wealth Services raised its holdings 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 buying an additional 398 shares in the last quarter. 45.19% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 27th. Shareholders of record on Wednesday, July 5th will be issued a $0.7851 dividend. The ex-dividend date of this dividend is Monday, July 3rd. This represents a $3.14 annualized dividend and a dividend yield of 6.40%. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.77. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 59.92%.

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.