Bank of Nova Scotia (NYSE:BNS) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) posted its quarterly earnings data on Tuesday. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.08), Zacks reports. Bank of Nova Scotia had a net margin of 10.20% and a return on equity of 11.56%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year.

Bank of Nova Scotia Stock Up 1.2%

Shares of NYSE:BNS traded up $0.63 during trading on Thursday, hitting $52.82. 151,117 shares of the company were exchanged, compared to its average volume of 1,700,878. The stock has a market cap of $65.79 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 1.16 and a beta of 1.11. Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07. The firm has a fifty day moving average price of $48.91 and a two-hundred day moving average price of $51.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd will be paid a $0.7996 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, July 2nd. This represents a $3.20 annualized dividend and a yield of 6.06%. Bank of Nova Scotia’s payout ratio is presently 83.05%.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Bank of Nova Scotia stock. AQR Capital Management LLC raised its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 111.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,096 shares of the bank’s stock after buying an additional 10,056 shares during the quarter. AQR Capital Management LLC’s holdings in Bank of Nova Scotia were worth $911,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BNS shares. Bank of America cut Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. Royal Bank of Canada reduced their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $81.00.

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.