Cormark Has Optimistic Outlook of TSE:BNS FY2024 Earnings

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) – Investment analysts at Cormark raised their FY2024 earnings per share (EPS) estimates for shares of Bank of Nova Scotia in a research note issued on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will earn $6.53 per share for the year, up from their prior forecast of $6.46. Cormark has a “Market Perform” rating and a $65.00 price objective on the stock. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $7.13 per share. Cormark also issued estimates for Bank of Nova Scotia’s Q4 2024 earnings at $1.62 EPS.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last released its earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share for the quarter, meeting analysts’ consensus estimates of C$1.63. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. The firm had revenue of C$8.36 billion during the quarter, compared to the consensus estimate of C$8.50 billion.

BNS has been the topic of a number of other research reports. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating and upped their price target for the company from C$71.00 to C$84.00 in a research report on Tuesday, November 19th. TD Securities upped their price objective on shares of Bank of Nova Scotia from C$80.00 to C$82.00 in a report on Friday, November 15th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating and lifted their target price for the stock from C$73.00 to C$90.00 in a research note on Tuesday, November 19th. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, Royal Bank of Canada lifted their price objective on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and an average price target of C$76.00.

Bank of Nova Scotia Trading Up 0.1 %

TSE:BNS opened at C$79.09 on Wednesday. The firm’s 50 day moving average is C$73.80 and its 200 day moving average is C$67.82. Bank of Nova Scotia has a 12 month low of C$56.83 and a 12 month high of C$79.38. The stock has a market capitalization of C$98.07 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were paid a dividend of $1.06 per share. This represents a $4.24 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is 74.26%.

Bank of Nova Scotia Company Profile

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.