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

Posted by Wayne Rhoads on May 26th, 2023

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) – Equities researchers at Cormark reduced their Q2 2023 earnings per share (EPS) estimates for shares of Bank of Nova Scotia in a research note issued on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the bank will post earnings per share of $1.33 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.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last issued its earnings results on Tuesday, February 28th. The bank reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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%.

Several other brokerages also recently issued reports on BNS. Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Royal Bank of Canada cut their price target 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. StockNews.com initiated coverage on Bank of Nova Scotia in a report on Thursday, May 18th. They set a “sell” rating for the company. Barclays cut Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a report on Tuesday, May 9th. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $87.15.

Bank of Nova Scotia Stock Up 1.4 %

Shares of BNS opened at $48.96 on Wednesday. The business’s 50 day moving average is $49.61 and its 200 day moving average is $50.64. The company has a market capitalization of $58.66 billion, a PE ratio of 8.81, a price-to-earnings-growth ratio of 2.18 and a beta of 1.02. Bank of Nova Scotia has a 12-month low of $45.26 and a 12-month high of $68.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52.

Hedge Funds Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently modified their holdings of the stock. Coston McIsaac & Partners boosted its holdings in shares of Bank of Nova Scotia by 167.9% in the 1st quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock worth $25,000 after purchasing an additional 314 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in Bank of Nova Scotia by 302.3% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 535 shares of the bank’s stock valued at $26,000 after acquiring an additional 402 shares during the period. Endurance Wealth Management Inc. boosted its holdings in Bank of Nova Scotia by 1,190.5% during the 1st quarter. Endurance Wealth Management Inc. now owns 542 shares of the bank’s stock valued at $27,000 after acquiring an additional 500 shares during the period. HBC Financial Services PLLC purchased a new position in Bank of Nova Scotia during the 1st quarter valued at $30,000. Finally, Glassman Wealth Services boosted its holdings in Bank of Nova Scotia by 85.4% during the 4th quarter. Glassman Wealth Services now owns 864 shares of the bank’s stock valued at $42,000 after acquiring an additional 398 shares during the period. Hedge funds and other institutional investors own 45.19% of the company’s stock.

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 issued a $0.7851 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Monday, July 3rd. This represents a $3.14 dividend on an annualized basis and a dividend yield of 6.41%. Bank of Nova Scotia’s payout ratio is 54.68%.

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.