FY2024 EPS Estimates for Bank of Nova Scotia Cut by Cormark

The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS - Analysts at Cormark cut their FY2024 earnings per share (EPS) estimates for Bank of Nova Scotia in a note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will post earnings per share of $4.70 for the year, down from their prior 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.

A number of other analysts have also weighed in on the stock. Barclays raised shares of Bank of Nova Scotia from an "underweight" rating to an "equal weight" rating in a research note on Thursday, November 21st. Bank of America raised shares of Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Tuesday, November 19th. UBS Group raised Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Monday, November 18th. Canaccord Genuity Group raised Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $69.00.

Bank of Nova Scotia Trading Down 0.6 %

BNS stock traded down $0.32 during midday trading on Tuesday, reaching $56.22. The company's stock had a trading volume of 1,217,241 shares, compared to its average volume of 1,773,660. The firm has a market capitalization of $69.96 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.52 and a beta of 1.05. Bank of Nova Scotia has a 1 year low of $41.80 and a 1 year high of $56.79. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a fifty day simple moving average of $53.57 and a two-hundred day simple moving average of $49.55.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.01. The firm had revenue of $8.36 billion for the quarter, compared to analysts' expectations of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business's revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BNS. Mather Group LLC. raised its position in shares of Bank of Nova Scotia by 1,388.9% in the second quarter. Mather Group LLC. now owns 536 shares of the bank's stock worth $25,000 after acquiring an additional 500 shares during the period. Blue Trust Inc. grew its holdings in Bank of Nova Scotia by 3,127.8% in the second quarter. Blue Trust Inc. now owns 581 shares of the bank's stock valued at $27,000 after purchasing an additional 563 shares during the period. BNP Paribas Financial Markets increased its position in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank's stock valued at $47,000 after buying an additional 810 shares in the last quarter. City State Bank purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC grew its stake in Bank of Nova Scotia by 102.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank's stock valued at $83,000 after acquiring an additional 811 shares during the period. Hedge funds and other institutional investors 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.