Brokers Issue Forecasts for The Bank of Nova Scotia’s Q3 2024 Earnings (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Research analysts at National Bank Financial decreased their Q3 2024 earnings estimates for Bank of Nova Scotia in a research note issued on Monday, August 12th. National Bank Financial analyst G. Dechaine now forecasts that the bank will earn $1.20 per share for the quarter, down from their previous forecast of $1.22. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.82 per share. National Bank Financial also issued estimates for Bank of Nova Scotia’s Q4 2024 earnings at $1.19 EPS, FY2024 earnings at $4.79 EPS and FY2025 earnings at $5.03 EPS.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. The firm had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.10 billion.

Other equities research analysts have also recently issued reports about the stock. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. UBS Group started coverage on Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average price target of $68.00.

Bank of Nova Scotia Stock Up 1.0 %

BNS opened at $46.43 on Wednesday. The business’s fifty day simple moving average is $46.09 and its 200 day simple moving average is $47.43. Bank of Nova Scotia has a 52 week low of $39.79 and a 52 week high of $51.98. The firm has a market cap of $57.09 billion, a P/E ratio of 10.46, a PEG ratio of 1.70 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd were paid a dividend of $0.769 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $3.08 annualized dividend and a yield of 6.63%. Bank of Nova Scotia’s dividend payout ratio is presently 69.59%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Bank of Nova Scotia during the fourth quarter worth $652,409,000. TD Asset Management Inc increased its stake in Bank of Nova Scotia by 23.2% during the 4th quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock worth $970,577,000 after buying an additional 3,731,541 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Bank of Nova Scotia during the 2nd quarter worth $120,463,000. Clearbridge Investments LLC acquired a new position in Bank of Nova Scotia in the 4th quarter worth $114,447,000. Finally, 1832 Asset Management L.P. boosted its position in Bank of Nova Scotia by 16.1% in the 1st quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after buying an additional 2,361,136 shares during the last quarter. Hedge funds and other institutional investors 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.