Cormark Has Negative Estimate for BNS FY2024 Earnings

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Analysts at Cormark dropped their FY2024 earnings per share (EPS) estimates for Bank of Nova Scotia in a research note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will post earnings per share of $4.70 for the year, down from their prior estimate of $4.78. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $4.52 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2026 earnings at $5.77 EPS.

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

A number of other analysts have also commented on BNS. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. 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 issued a strong buy rating to the stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Bank of Nova Scotia Price Performance

Shares of BNS stock opened at $56.72 on Tuesday. The stock has a 50-day moving average price of $53.65 and a 200 day moving average price of $49.60. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market cap of $70.58 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.52 and a beta of 1.05. Bank of Nova Scotia has a 12 month low of $41.80 and a 12 month high of $56.81.

Institutional Trading of Bank of Nova Scotia

A number of institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in shares of Bank of Nova Scotia by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank’s stock worth $68,689,000 after buying an additional 171,539 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Bank of Nova Scotia during the third quarter worth approximately $111,000. Toronto Dominion Bank grew its stake in Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. Geode Capital Management LLC grew its stake in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after purchasing an additional 524,496 shares during the period. Finally, Executive Wealth Management LLC acquired a new stake in Bank of Nova Scotia during the third quarter worth approximately $619,000. 49.13% of the stock is currently owned by institutional investors.

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.