The Bank of Nova Scotia to Post Q3 2023 Earnings of $1.26 Per Share, National Bank Financial Forecasts (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – National Bank Financial lowered their Q3 2023 earnings per share (EPS) estimates for Bank of Nova Scotia in a research note issued on Wednesday, May 24th. National Bank Financial analyst G. Dechaine now anticipates that the bank will earn $1.26 per share for the quarter, down from their prior forecast of $1.39. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.56 per share. National Bank Financial also issued estimates for Bank of Nova Scotia’s Q4 2023 earnings at $1.28 EPS, FY2023 earnings at $5.17 EPS and FY2024 earnings at $5.37 EPS.

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

BNS has been the subject of several other research reports. StockNews.com assumed coverage on Bank of Nova Scotia in a report on Thursday, May 18th. They set a “sell” rating for the company. Canaccord Genuity Group lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Barclays cut Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, May 9th. Royal Bank of Canada lowered their price target on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 1st. Finally, Scotiabank cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average price target of $86.06.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $49.06 on Friday. Bank of Nova Scotia has a 12 month low of $45.26 and a 12 month high of $68.59. The stock has a fifty day moving average price of $49.63 and a 200-day moving average price of $50.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52. The firm has a market cap of $58.78 billion, a PE ratio of 9.64, a P/E/G ratio of 2.14 and a beta of 1.02.

Bank of Nova Scotia Increases Dividend

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

Institutional Investors Weigh In On Bank of Nova Scotia

Several large investors have recently bought and sold shares of BNS. National Bank of Canada FI boosted its holdings in shares of Bank of Nova Scotia by 555.3% during the 4th quarter. National Bank of Canada FI now owns 22,840,226 shares of the bank’s stock worth $1,118,692,000 after purchasing an additional 19,354,619 shares during the last quarter. Norges Bank acquired a new position in Bank of Nova Scotia in the fourth quarter valued at approximately $588,957,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Bank of Nova Scotia by 230.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,592,000 shares of the bank’s stock valued at $550,723,000 after acquiring an additional 8,085,000 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Bank of Nova Scotia by 31.0% in the third quarter. Toronto Dominion Bank now owns 24,244,364 shares of the bank’s stock valued at $1,157,302,000 after acquiring an additional 5,736,216 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Bank of Nova Scotia by 70.0% during the third quarter. Canada Pension Plan Investment Board now owns 13,297,820 shares of the bank’s stock worth $635,833,000 after purchasing an additional 5,474,720 shares in the last quarter. 45.19% of the stock is currently owned by hedge funds and other institutional investors.

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.