National Bank Financial Research Analysts Cut Earnings Estimates for The Bank of Nova Scotia (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNSFree Report) (TSE:BNS) – Analysts at National Bank Financial decreased their Q3 2024 earnings estimates for Bank of Nova Scotia in a report issued on Tuesday, May 28th. National Bank Financial analyst G. Dechaine now forecasts that the bank will post earnings per share of $1.22 for the quarter, down from their prior estimate of $1.23. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.82 per share.

BNS has been the subject of several other research reports. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday. Jefferies Financial Group initiated coverage on shares of Bank of Nova Scotia in a research note on Thursday, February 22nd. They set a “hold” rating for the company. Finally, Barclays initiated coverage on shares of Bank of Nova Scotia in a research note on Wednesday, March 20th. They set an “underweight” rating and a $70.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $68.00.

View Our Latest Stock Analysis on BNS

Bank of Nova Scotia Price Performance

BNS opened at $47.35 on Friday. The company has a market capitalization of $58.22 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 1.71 and a beta of 1.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $48.15 and a 200-day moving average price of $47.34. Bank of Nova Scotia has a twelve month low of $39.79 and a twelve month high of $51.98.

Bank of Nova Scotia (NYSE:BNSGet Free Report) (TSE:BNS) last posted its quarterly earnings data on Tuesday, February 27th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.06. The business had revenue of $14.13 billion during the quarter, compared to the consensus estimate of $6.01 billion. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. During the same quarter last year, the company posted $1.37 earnings per share.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of hedge funds have recently made changes to their positions in the business. NBC Securities Inc. bought a new stake in Bank of Nova Scotia during the 3rd quarter valued at $67,000. Assenagon Asset Management S.A. raised its holdings in Bank of Nova Scotia by 9.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 82,694 shares of the bank’s stock valued at $3,724,000 after buying an additional 7,292 shares during the last quarter. Sigma Planning Corp bought a new stake in Bank of Nova Scotia during the 3rd quarter valued at $391,000. Quantbot Technologies LP bought a new stake in Bank of Nova Scotia during the 3rd quarter valued at $42,000. Finally, Motco raised its holdings in Bank of Nova Scotia by 1,086.2% during the 3rd quarter. Motco now owns 2,491 shares of the bank’s stock valued at $114,000 after buying an additional 2,281 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be issued a $0.769 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.50%. Bank of Nova Scotia’s payout ratio is 70.72%.

About Bank of Nova Scotia

(Get Free Report)

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

Further Reading

Earnings History and Estimates for Bank of Nova Scotia (NYSE:BNS)

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