Brokers Offer Predictions for The Bank of Nova Scotia’s Q2 2024 Earnings (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Analysts at Cormark issued their Q2 2024 earnings per share (EPS) estimates for shares of Bank of Nova Scotia in a research note issued on Wednesday, May 22nd. Cormark analyst L. Persaud 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 $4.90 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2024 earnings at $4.87 EPS and FY2025 earnings at $5.19 EPS.

Several other analysts also recently weighed in on BNS. Barclays assumed coverage on Bank of Nova Scotia in a report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 target price for the company. Jefferies Financial Group assumed coverage on Bank of Nova Scotia in a report on Thursday, February 22nd. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $68.00.

Bank of Nova Scotia Stock Down 0.7 %

Shares of NYSE BNS opened at $47.28 on Friday. Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $58.13 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06. The business has a 50-day moving average of $48.47 and a two-hundred day moving average of $47.15.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, February 27th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.06. The company had revenue of $14.13 billion during the quarter, compared to the consensus estimate of $6.01 billion. Bank of Nova Scotia had a return on equity of 11.51% and a net margin of 10.71%. During the same period in the previous year, the business earned $1.37 EPS.

Bank of Nova Scotia Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Tuesday, April 2nd were given a $0.7843 dividend. This represents a $3.14 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend was Monday, April 1st. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.78. Bank of Nova Scotia’s payout ratio is 69.47%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors have recently added to or reduced their stakes in BNS. Signaturefd LLC increased its position in Bank of Nova Scotia by 21.3% in the 3rd quarter. Signaturefd LLC now owns 15,955 shares of the bank’s stock valued at $727,000 after acquiring an additional 2,798 shares during the period. EverSource Wealth Advisors LLC increased its position in Bank of Nova Scotia by 135.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 919 shares of the bank’s stock worth $42,000 after purchasing an additional 529 shares during the period. Syon Capital LLC acquired a new position in Bank of Nova Scotia during the 3rd quarter worth approximately $406,000. NBC Securities Inc. acquired a new position in Bank of Nova Scotia during the 3rd quarter worth approximately $67,000. Finally, Assenagon Asset Management S.A. increased its position in Bank of Nova Scotia by 9.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 82,694 shares of the bank’s stock worth $3,724,000 after purchasing an additional 7,292 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

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.