Cormark Forecasts Higher Earnings for Bank of Nova Scotia

The Bank of Nova Scotia (TSE:BNS - Free Report) NYSE: BNS - Research analysts at Cormark lifted their FY2024 EPS estimates for Bank of Nova Scotia in a research note issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings of $6.53 per share for the year, up from their previous 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 - Get Free Report) NYSE: BNS last released its earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of C$1.63. The firm had revenue of C$8.36 billion for the quarter, compared to analysts' expectations of C$8.50 billion. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%.

A number of other brokerages have also weighed in on BNS. National Bankshares raised their target price on shares of Bank of Nova Scotia from C$66.00 to C$78.00 in a research report on Wednesday, November 20th. UBS Group upgraded Bank of Nova Scotia from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 18th. Barclays upgraded Bank of Nova Scotia from a "strong sell" rating to a "hold" rating in a research report on Thursday, November 21st. 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. Finally, CIBC boosted their price target on Bank of Nova Scotia from C$82.00 to C$84.00 in a report on Tuesday. 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 has an average rating of "Moderate Buy" and an average target price of C$76.00.

Bank of Nova Scotia Stock Performance

Shares of BNS traded up C$0.43 during mid-day trading on Wednesday, reaching C$79.52. The company had a trading volume of 3,113,620 shares, compared to its average volume of 4,261,263. The company has a market capitalization of C$98.60 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.33 and a beta of 0.97. The company's 50 day simple moving average is C$73.96 and its 200 day simple moving average is C$67.92. Bank of Nova Scotia has a 1-year low of C$56.83 and a 1-year high of C$79.70.

Bank of Nova Scotia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were issued a dividend of $1.06 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $4.24 annualized dividend and a yield of 5.33%. Bank of Nova Scotia's payout ratio is 74.26%.

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.