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%.
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
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.
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