Q2 2023 EPS Estimates for The Bank of Nova Scotia (TSE:BNS) Reduced by Analyst

The Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) – Equities researchers at Cormark decreased their Q2 2023 earnings per share (EPS) estimates for Bank of Nova Scotia in a research note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates 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.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada cut their target price on Bank of Nova Scotia from C$77.00 to C$76.00 in a research note on Monday, March 27th. National Bankshares cut their target price on Bank of Nova Scotia from C$72.00 to C$69.00 in a research note on Thursday, May 18th. TD Securities cut their target price on Bank of Nova Scotia from C$72.00 to C$69.00 and set a “hold” rating on the stock in a research note on Wednesday, March 1st. Barclays cut Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from C$78.00 to C$64.00 in a research note on Tuesday, May 9th. Finally, CSFB lowered their target price on Bank of Nova Scotia from C$72.00 to C$70.00 in a report on Tuesday, May 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$76.45.

Bank of Nova Scotia Price Performance

Shares of TSE BNS opened at C$65.66 on Wednesday. The business’s 50 day moving average is C$67.06 and its two-hundred day moving average is C$68.40. Bank of Nova Scotia has a 1-year low of C$63.19 and a 1-year high of C$86.22. The stock has a market capitalization of C$78.14 billion, a P/E ratio of 9.07, a PEG ratio of 2.97 and a beta of 0.94.

Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) last issued its quarterly earnings data on Tuesday, February 28th. The bank reported C$1.85 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of C$7.98 billion for the quarter, compared to the consensus estimate of C$8.25 billion.

Bank of Nova Scotia Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Tuesday, April 4th were given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 6.27%. The ex-dividend date was Monday, April 3rd. Bank of Nova Scotia’s dividend payout ratio is currently 56.91%.

About Bank of Nova Scotia

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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.