Q3 2024 Earnings Estimate for The Bank of Nova Scotia Issued By National Bank Financial (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities researchers at National Bank Financial decreased their Q3 2024 earnings per share (EPS) estimates for Bank of Nova Scotia in a research note issued to investors on Thursday, August 15th. National Bank Financial analyst G. Dechaine now forecasts that the bank will earn $1.19 per share for the quarter, down from their previous forecast of $1.20. 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 $1.16 EPS and FY2024 earnings at $4.74 EPS.

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

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $47.61 on Monday. The stock’s 50-day moving average is $46.12 and its two-hundred day moving average is $47.44. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98. The firm has a market cap of $58.53 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 1.70 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. The business had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd were paid a dividend of $0.769 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.46%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 69.59%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors and hedge funds have recently added to or reduced their stakes in BNS. Vanguard Group Inc. increased its holdings in shares of Bank of Nova Scotia by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,862,189 shares of the bank’s stock valued at $2,478,304,000 after purchasing an additional 891,157 shares in the last quarter. TD Asset Management Inc grew its position in Bank of Nova Scotia by 23.2% during the fourth 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. 1832 Asset Management L.P. increased its holdings in Bank of Nova Scotia by 16.1% in the first 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 in the last quarter. Mackenzie Financial Corp lifted its position in shares of Bank of Nova Scotia by 4.7% during 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 period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Bank of Nova Scotia by 17.6% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock worth $753,658,000 after acquiring an additional 2,178,633 shares in 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.