Bank of Nova Scotia (NYSE:BNS) Posts Quarterly Earnings Results, Beats Estimates By $0.65 EPS

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) issued its earnings results on Wednesday. The bank reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.65, Briefing.com reports. Bank of Nova Scotia had a net margin of 25.54% and a return on equity of 15.22%. The firm had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.87 billion. During the same quarter last year, the business earned $1.50 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis.

BNS opened at $65.36 on Thursday. The stock has a 50-day moving average price of $67.47 and a 200-day moving average price of $69.21. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $78.63 billion, a PE ratio of 10.29, a P/E/G ratio of 1.59 and a beta of 0.94. Bank of Nova Scotia has a 1 year low of $59.05 and a 1 year high of $74.86.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Tuesday, July 5th will be given a $0.801 dividend. This represents a $3.20 annualized dividend and a dividend yield of 4.90%. The ex-dividend date is Friday, July 1st. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.79. Bank of Nova Scotia’s payout ratio is currently 50.39%.

Several brokerages have recently issued reports on BNS. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Thursday, February 24th. StockNews.com initiated coverage on shares of Bank of Nova Scotia in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Credit Suisse Group reiterated a “neutral” rating on shares of Bank of Nova Scotia in a report on Friday, May 20th. CIBC cut shares of Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a report on Monday, April 11th. Finally, Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Tuesday, May 17th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $93.66.

Institutional investors and hedge funds have recently bought and sold shares of the company. Ontario Teachers Pension Plan Board raised its position in shares of Bank of Nova Scotia by 158.2% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 7,831 shares of the bank’s stock worth $561,000 after purchasing an additional 4,798 shares during the last quarter. Evergreen Capital Management LLC raised its position in shares of Bank of Nova Scotia by 3.6% in the 1st quarter. Evergreen Capital Management LLC now owns 7,669 shares of the bank’s stock worth $550,000 after purchasing an additional 270 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Bank of Nova Scotia by 56.3% in the 1st quarter. Private Advisor Group LLC now owns 7,272 shares of the bank’s stock worth $522,000 after purchasing an additional 2,619 shares during the last quarter. JustInvest LLC raised its position in shares of Bank of Nova Scotia by 77.7% in the 4th quarter. JustInvest LLC now owns 6,129 shares of the bank’s stock worth $439,000 after purchasing an additional 2,679 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Bank of Nova Scotia by 3.7% in the 1st quarter. Cetera Investment Advisers now owns 5,548 shares of the bank’s stock worth $398,000 after purchasing an additional 196 shares during the last quarter. 45.01% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile (Get Rating)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

Further Reading

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

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