National Bank Financial Weighs in on The Bank of Nova Scotia’s Q2 2024 Earnings (NYSE:BNS)

by · The Markets Daily

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The Bank of Nova Scotia (NYSE:BNS – Free Report) (TSE:BNS) – Analysts at National Bank Financial issued their Q2 2024 EPS estimates for shares of Bank of Nova Scotia in a research report issued on Tuesday, November 28th. National Bank Financial analyst G. Dechaine expects that the bank will post earnings of $1.13 per share for the quarter. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $5.05 per share. National Bank Financial also issued estimates for Bank of Nova Scotia’s Q4 2024 earnings at $1.32 EPS and FY2024 earnings at $4.84 EPS.

Several other analysts have also recently commented on the stock. Barclays raised their target price on shares of Bank of Nova Scotia from $63.00 to $65.00 and gave the stock an “underweight” rating in a research note on Monday, August 21st. BMO Capital Markets dropped their target price on Bank of Nova Scotia from $73.00 to $68.00 and set a “market perform” rating on the stock in a research report on Wednesday. StockNews.com raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Scotiabank decreased their price target on Bank of Nova Scotia from $68.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, Bank of Nova Scotia has an average rating of “Hold” and an average target price of $69.00.

Check Out Our Latest Research Report on Bank of Nova Scotia

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $45.20 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $54.87 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth ratio of 2.14 and a beta of 1.02. The firm’s fifty day moving average price is $43.32 and its 200 day moving average price is $46.73. Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $55.91.

Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last posted its quarterly earnings data on Tuesday, November 28th. The bank reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $5.98 billion. Bank of Nova Scotia had a return on equity of 11.87% and a net margin of 10.47%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.55 earnings per share.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 29th. Stockholders of record on Wednesday, January 3rd will be given a $0.7773 dividend. This represents a $3.11 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date is Tuesday, January 2nd. Bank of Nova Scotia’s dividend payout ratio is currently 72.73%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several hedge funds have recently added to or reduced their stakes in BNS. Vanguard Group Inc. grew its position in shares of Bank of Nova Scotia by 3.3% in the first quarter. Vanguard Group Inc. now owns 40,996,068 shares of the bank’s stock valued at $2,940,238,000 after purchasing an additional 1,320,299 shares during the last quarter. Toronto Dominion Bank lifted its stake in Bank of Nova Scotia by 3.4% in the 3rd quarter. Toronto Dominion Bank now owns 22,567,680 shares of the bank’s stock valued at $1,028,861,000 after buying an additional 736,807 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Bank of Nova Scotia by 4.1% during the 4th quarter. Mackenzie Financial Corp now owns 16,557,752 shares of the bank’s stock valued at $809,940,000 after buying an additional 659,492 shares during the last quarter. Scotia Capital Inc. increased its position in Bank of Nova Scotia by 1.4% during the third quarter. Scotia Capital Inc. now owns 13,387,765 shares of the bank’s stock worth $600,211,000 after buying an additional 183,008 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Bank of Nova Scotia in the fourth quarter worth $588,957,000. 43.18% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

(Get Free Report)

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.

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