FY2024 EPS Estimates for Bank of Nova Scotia Cut by Cormark

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Research analysts at Cormark dropped their FY2024 earnings estimates for shares of Bank of Nova Scotia in a report issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings per share of $4.70 for the year, down from their prior forecast of $4.78. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.53 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2026 earnings at $5.77 EPS.

Other equities analysts have also recently issued research reports about the stock. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $56.22 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $69.96 billion, a P/E ratio of 13.45, a PEG ratio of 1.52 and a beta of 1.05. The company has a 50 day moving average price of $53.57 and a 200 day moving average price of $49.55. Bank of Nova Scotia has a fifty-two week low of $41.80 and a fifty-two week high of $56.79.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. The business had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 EPS.

Institutional Investors Weigh In On Bank of Nova Scotia

Several institutional investors have recently modified their holdings of BNS. Silvercrest Asset Management Group LLC lifted its position in shares of Bank of Nova Scotia by 1.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 22,677 shares of the bank’s stock worth $1,174,000 after purchasing an additional 294 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Bank of Nova Scotia by 6.1% during the first quarter. Janus Henderson Group PLC now owns 143,849 shares of the bank’s stock worth $7,455,000 after acquiring an additional 8,230 shares during the period. Brown Shipley& Co Ltd acquired a new position in shares of Bank of Nova Scotia during the first quarter worth about $393,000. Cetera Investment Advisers acquired a new position in shares of Bank of Nova Scotia during the first quarter worth about $2,112,000. Finally, Cetera Advisors LLC acquired a new position in shares of Bank of Nova Scotia during the first quarter worth about $435,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

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.