Cormark Weighs in on The Bank of Nova Scotia’s Q2 2023 Earnings (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Cormark reduced their Q2 2023 EPS estimates for Bank of Nova Scotia in a research report issued to clients and investors on Wednesday, March 1st. Cormark analyst L. Persaud now anticipates that the bank will earn $1.38 per share for the quarter, down from their previous estimate of $1.48. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $6.05 per share. Cormark also issued estimates for Bank of Nova Scotia’s Q4 2023 earnings at $1.50 EPS, Q2 2024 earnings at $1.43 EPS and Q4 2024 earnings at $1.55 EPS.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last issued its earnings results on Tuesday, November 29th. The bank reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.06. Bank of Nova Scotia had a net margin of 17.03% and a return on equity of 15.08%. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $6.21 billion.

Several other analysts have also commented on BNS. Scotiabank lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada reduced 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. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and an average price target of $87.15.

Bank of Nova Scotia Stock Up 1.8 %

BNS stock opened at $51.48 on Friday. The company’s 50 day simple moving average is $52.05 and its 200-day simple moving average is $51.69. The firm has a market capitalization of $61.35 billion, a PE ratio of 9.26, a P/E/G ratio of 1.92 and a beta of 1.01. Bank of Nova Scotia has a 12 month low of $45.26 and a 12 month high of $74.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.04 and a quick ratio of 1.05.

Bank of Nova Scotia Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Tuesday, April 4th will be issued a dividend of $0.774 per share. This represents a $3.10 dividend on an annualized basis and a yield of 6.01%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.76. The ex-dividend date is Monday, April 3rd. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 55.58%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. lifted its position in Bank of Nova Scotia by 59.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 26,438 shares of the bank’s stock valued at $1,896,000 after purchasing an additional 9,818 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Bank of Nova Scotia by 2.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,359 shares of the bank’s stock worth $1,317,000 after buying an additional 475 shares in the last quarter. Cetera Advisor Networks LLC bought a new stake in shares of Bank of Nova Scotia during the 1st quarter worth about $366,000. Private Advisor Group LLC raised its position in shares of Bank of Nova Scotia by 56.3% during the 1st quarter. Private Advisor Group LLC now owns 7,272 shares of the bank’s stock worth $522,000 after buying an additional 2,619 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Bank of Nova Scotia by 10.3% during the 1st quarter. BlackRock Inc. now owns 870,918 shares of the bank’s stock worth $62,462,000 after buying an additional 81,002 shares in the last quarter. 45.19% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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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.