The Bank of Nova Scotia (NYSE:BNS) to Post Q2 2024 Earnings of $1.13 Per Share, Cormark Forecasts

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Stock analysts at Cormark issued their Q2 2024 EPS estimates for Bank of Nova Scotia in a research report issued to clients and investors on Wednesday, May 22nd. Cormark analyst L. Persaud expects that the bank will earn $1.13 per share for the quarter. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.88 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2024 earnings at $4.87 EPS and FY2025 earnings at $5.19 EPS.

BNS has been the subject of a number of other research reports. Jefferies Financial Group started coverage on shares of Bank of Nova Scotia in a research report on Thursday, February 22nd. They issued a “hold” rating for the company. Barclays started coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.00.

Bank of Nova Scotia Stock Up 1.1 %

Bank of Nova Scotia stock opened at $47.78 on Friday. The company has a market cap of $58.75 billion, a P/E ratio of 10.57, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06. Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98. The company has a fifty day simple moving average of $48.43 and a 200 day simple moving average of $47.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.56.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, February 27th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.06. The company 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 10.71% and a return on equity of 11.51%. During the same quarter in the prior year, the firm earned $1.37 earnings per share.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Tuesday, April 2nd were paid a dividend of $0.7843 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 6.57%. The ex-dividend date of this dividend was Monday, April 1st. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.78. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 69.47%.

Institutional Trading of Bank of Nova Scotia

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Bank of Nova Scotia by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 45,691,098 shares of the bank’s stock worth $2,083,057,000 after buying an additional 725,489 shares during the last quarter. Fifth Third Bancorp raised its stake in Bank of Nova Scotia by 71.6% in the 4th quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after purchasing an additional 358 shares in the last quarter. Norges Bank acquired a new stake in Bank of Nova Scotia in the 4th quarter worth about $652,409,000. BNP Paribas Financial Markets raised its stake in Bank of Nova Scotia by 230.8% in the 4th quarter. BNP Paribas Financial Markets now owns 74,149 shares of the bank’s stock worth $3,610,000 after purchasing an additional 51,736 shares in the last quarter. Finally, Metis Global Partners LLC raised its stake in Bank of Nova Scotia by 2.3% in the 3rd quarter. Metis Global Partners LLC now owns 58,807 shares of the bank’s stock worth $2,636,000 after purchasing an additional 1,309 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

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.