Q3 2024 EPS Estimates for The Bank of Nova Scotia Lowered by Desjardins (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNSFree Report) (TSE:BNS) – Equities researchers at Desjardins reduced their Q3 2024 earnings per share (EPS) estimates for shares of Bank of Nova Scotia in a research note issued on Tuesday, May 28th. Desjardins analyst D. Young now forecasts that the bank will post earnings per share of $1.17 for the quarter, down from their previous estimate of $1.22. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.87 per share. Desjardins also issued estimates for Bank of Nova Scotia’s FY2024 earnings at $4.73 EPS.

Bank of Nova Scotia (NYSE:BNSGet Free Report) (TSE:BNS) last posted its earnings results on Tuesday, February 27th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.06. The company had revenue of $14.13 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.44%. During the same period last year, the company posted $1.37 earnings per share.

BNS has been the subject of a number of other reports. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of Bank of Nova Scotia in a report on Thursday, February 22nd. They issued a “hold” rating on the stock. Finally, Barclays assumed coverage on shares of Bank of Nova Scotia in a report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price target for the company. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Hold” and a consensus target price of $68.00.

Get Our Latest Stock Analysis on Bank of Nova Scotia

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $46.86 on Thursday. The firm has a market cap of $57.62 billion, a PE ratio of 10.37, a PEG ratio of 1.84 and a beta of 1.06. The stock has a 50 day moving average of $48.20 and a 200 day moving average of $47.31. 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 has a 12 month low of $39.79 and a 12 month high of $51.98.

Hedge Funds Weigh In On Bank of Nova Scotia

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Bank of Nova Scotia by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,862,189 shares of the bank’s stock worth $2,478,304,000 after purchasing an additional 891,157 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Bank of Nova Scotia by 3.4% during the third quarter. Toronto Dominion Bank now owns 22,567,680 shares of the bank’s stock worth $1,028,861,000 after acquiring an additional 736,807 shares during the period. TD Asset Management Inc raised its stake in shares of Bank of Nova Scotia by 23.2% during the fourth quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock valued at $970,577,000 after acquiring an additional 3,731,541 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after purchasing an additional 2,361,136 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Bank of Nova Scotia by 17.6% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock worth $753,658,000 after purchasing an additional 2,178,633 shares in the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be issued a $0.769 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $3.08 annualized dividend and a dividend yield of 6.56%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 69.25%.

Bank of Nova Scotia Company Profile

(Get Free Report)

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.

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

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