Cormark Lifts Earnings Estimates for Bank of Nova Scotia

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) – Investment analysts at Cormark raised their FY2024 earnings estimates for Bank of Nova Scotia in a research note issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings of $6.53 per share for the year, up from their previous estimate of $6.46. Cormark has a “Market Perform” rating and a $65.00 price target 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 analysts have also recently issued research reports about the company. Jefferies Financial Group raised their price target 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. National Bankshares raised their target price on shares of Bank of Nova Scotia from C$66.00 to C$78.00 in a research note on Wednesday, November 20th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and lifted their target price for the company from C$71.00 to C$84.00 in a research report on Tuesday, November 19th. UBS Group raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Finally, CIBC lifted their price objective on shares of Bank of Nova Scotia from C$82.00 to C$84.00 in a report on Tuesday. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Moderate Buy” and a consensus target price of C$76.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at C$79.80 on Wednesday. The company has a market capitalization of C$98.95 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a 52-week low of C$57.88 and a 52-week high of C$79.93. The business’s fifty day moving average is C$74.13 and its 200 day moving average is C$68.02.

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

Bank of Nova Scotia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were paid a $1.06 dividend. This represents a $4.24 annualized dividend and a yield of 5.31%. The ex-dividend date was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is presently 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.