FY2024 EPS Estimates for Bank of Nova Scotia Cut by Cormark

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Analysts at Cormark lowered their FY2024 earnings estimates for shares of Bank of Nova Scotia in a research report issued to clients and investors on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will earn $4.70 per share for the year, down from their previous forecast of $4.78. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.53 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2026 earnings at $5.77 EPS.

BNS has been the topic of several other reports. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Bank of Nova Scotia Trading Down 0.6 %

BNS stock opened at $56.22 on Tuesday. The company’s 50-day simple moving average is $53.57 and its 200-day simple moving average is $49.55. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $56.79. The firm has a market cap of $69.96 billion, a P/E ratio of 13.45, a PEG ratio of 1.52 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the company posted $1.30 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis.

Institutional Trading of Bank of Nova Scotia

Hedge funds have recently bought and sold shares of the business. Rathbones Group PLC raised its holdings in Bank of Nova Scotia by 11.8% in the 2nd quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after acquiring an additional 14,379 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Bank of Nova Scotia by 2,455.8% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after acquiring an additional 1,462,360 shares during the last quarter. Intact Investment Management Inc. raised its holdings in Bank of Nova Scotia by 48.3% in the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after acquiring an additional 509,120 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after acquiring an additional 660,097 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Bank of Nova Scotia by 4.7% in the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock valued at $690,438,000 after acquiring an additional 683,946 shares during the last quarter. 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.