Desjardins Expects Stronger Earnings for Bank of Nova Scotia

The Bank of Nova Scotia (TSE:BNS - Free Report) NYSE: BNS - Research analysts at Desjardins lifted their FY2024 earnings per share estimates for shares of Bank of Nova Scotia in a report issued on Friday, November 1st. Desjardins analyst D. Young now forecasts that the bank will earn $6.49 per share for the year, up from their previous estimate of $6.45. The consensus estimate for Bank of Nova Scotia's current full-year earnings is $7.13 per share. Desjardins also issued estimates for Bank of Nova Scotia's FY2025 earnings at $7.15 EPS and FY2026 earnings at $8.10 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 EPS for the quarter, hitting analysts' consensus estimates of C$1.63. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. The company had revenue of C$8.36 billion during the quarter, compared to analysts' expectations of C$8.50 billion.

Several other research analysts have also recently issued reports on the company. Royal Bank of Canada raised their price objective on Bank of Nova Scotia from C$62.00 to C$65.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 28th. Cibc World Mkts raised Bank of Nova Scotia from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 20th. Cormark reduced their price target on Bank of Nova Scotia from C$68.00 to C$65.00 and set a "market perform" rating for the company in a report on Tuesday, August 20th. BMO Capital Markets dropped their price target on shares of Bank of Nova Scotia from C$74.00 to C$72.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group lifted their price objective on shares of Bank of Nova Scotia from C$65.00 to C$69.00 and gave the company a "hold" rating in a research report on Wednesday, August 28th. Ten equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of C$69.00.

Bank of Nova Scotia Stock Performance

Shares of TSE BNS traded up C$1.30 during mid-day trading on Monday, hitting C$73.74. The stock had a trading volume of 6,477,843 shares, compared to its average volume of 4,326,831. The firm has a market cap of C$91.44 billion, a PE ratio of 12.90, a PEG ratio of 1.33 and a beta of 0.97. The company has a 50 day moving average of C$70.81 and a two-hundred day moving average of C$66.37. Bank of Nova Scotia has a twelve month low of C$56.83 and a twelve month high of C$74.77.

Bank of Nova Scotia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were paid a dividend of $1.06 per share. This represents a $4.24 annualized dividend and a dividend yield of 5.75%. The ex-dividend date was Wednesday, October 2nd. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 74.26%.

Bank of Nova Scotia Company Profile

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.