Cormark Forecasts Stronger Earnings for Bank of Nova Scotia

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) – Analysts at Cormark raised their FY2024 EPS estimates for Bank of Nova Scotia in a research report issued on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will post earnings of $6.53 per share for the year, up from their previous forecast of $6.46. Cormark currently has a “Market Perform” rating and a $65.00 target price on the stock. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $7.13 per share. Cormark also issued estimates for Bank of Nova Scotia’s Q4 2024 earnings at $1.62 EPS.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group raised their target price on Bank of Nova Scotia from C$65.00 to C$69.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Royal Bank of Canada raised their price objective on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and upped their target price for the stock from C$71.00 to C$84.00 in a research report on Tuesday, November 19th. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Finally, TD Securities upped their price target on Bank of Nova Scotia from C$80.00 to C$82.00 in a report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$76.00.

Bank of Nova Scotia Price Performance

BNS opened at C$79.52 on Wednesday. The business has a 50 day simple moving average of C$73.96 and a 200-day simple moving average of C$67.92. Bank of Nova Scotia has a 12 month low of C$56.83 and a 12 month high of C$79.70. The stock has a market capitalization of C$98.60 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last released its earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$1.63. The company had revenue of C$8.36 billion for the quarter, compared to analysts’ expectations of C$8.50 billion. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%.

Bank of Nova Scotia Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were given a $1.06 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $4.24 annualized dividend and a dividend yield of 5.33%. Bank of Nova Scotia’s dividend payout ratio is currently 74.26%.

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.