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

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Analysts at Cormark dropped their Q2 2023 earnings per share 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 $1.33 per share for the quarter, down from their previous estimate of $1.38. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.56 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2023 earnings at $5.54 EPS and FY2024 earnings at $5.79 EPS.

A number of other brokerages also recently commented on BNS. StockNews.com initiated coverage on Bank of Nova Scotia in a report on Thursday, May 18th. They set a “sell” rating for the company. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Barclays downgraded Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a report on Tuesday, May 9th. Royal Bank of Canada decreased their price objective on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a report on Wednesday, March 1st. Finally, Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Tuesday, February 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $87.15.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $48.96 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.52. The company has a market cap of $58.66 billion, a PE ratio of 8.81, a P/E/G ratio of 2.18 and a beta of 1.02. The business has a 50 day moving average of $49.61 and a 200 day moving average of $50.64. Bank of Nova Scotia has a 52 week low of $45.26 and a 52 week high of $68.59.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last announced its earnings results on Tuesday, February 28th. The bank reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.15). The business had revenue of $5.93 billion for the quarter, compared to the consensus estimate of $6.10 billion. Bank of Nova Scotia had a net margin of 17.03% and a return on equity of 15.08%.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 27th. Stockholders of record on Wednesday, July 5th will be paid a $0.7851 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.77. This represents a $3.14 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date of this dividend is Monday, July 3rd. Bank of Nova Scotia’s dividend payout ratio is currently 54.68%.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors have recently modified their holdings of the stock. Coston McIsaac & Partners grew its stake in shares of Bank of Nova Scotia by 167.9% in the first quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock worth $25,000 after acquiring an additional 314 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Bank of Nova Scotia by 302.3% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 535 shares of the bank’s stock valued at $26,000 after buying an additional 402 shares during the last quarter. Endurance Wealth Management Inc. boosted its position in shares of Bank of Nova Scotia by 1,190.5% during the first quarter. Endurance Wealth Management Inc. now owns 542 shares of the bank’s stock valued at $27,000 after buying an additional 500 shares during the last quarter. HBC Financial Services PLLC purchased a new stake in shares of Bank of Nova Scotia during the first quarter valued at $30,000. Finally, Glassman Wealth Services boosted its position in shares of Bank of Nova Scotia by 85.4% during the fourth quarter. Glassman Wealth Services now owns 864 shares of the bank’s stock valued at $42,000 after buying an additional 398 shares during the last quarter. 45.19% of the stock is 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.