Cormark Equities Analysts Cut Earnings Estimates for Bank of Nova Scotia (BNS)
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities researchers at Cormark dropped their FY2017 earnings per share estimates for shares of Bank of Nova Scotia in a research report issued to clients and investors on Tuesday. Cormark analyst M. Grauman now anticipates that the bank will post earnings per share of $4.73 for the year, down from their previous estimate of $5.05. Cormark also issued estimates for Bank of Nova Scotia’s FY2018 earnings at $5.10 EPS.
Other equities research analysts have also recently issued research reports about the stock. TD Securities cut shares of Bank of Nova Scotia to a “buy” rating in a report on Wednesday, March 1st. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a report on Thursday, February 16th. Finally, CIBC upgraded shares of Bank of Nova Scotia from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $68.60.
Bank of Nova Scotia (NYSE:BNS) traded up 0.48% during trading on Thursday, hitting $54.76. 617,726 shares of the company’s stock traded hands. The company’s 50 day moving average is $56.84 and its 200-day moving average is $57.40. Bank of Nova Scotia has a 12 month low of $47.29 and a 12 month high of $62.89. The stock has a market cap of $66.21 billion, a P/E ratio of 12.63 and a beta of 1.30.
Bank of Nova Scotia (NYSE:BNS) last announced its quarterly earnings results on Tuesday, February 28th. The bank reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by $0.38. Bank of Nova Scotia had a net margin of 20.78% and a return on equity of 14.36%. The business had revenue of $6.87 billion during the quarter, compared to the consensus estimate of $6.89 billion. During the same period in the previous year, the business posted $1.43 EPS. Bank of Nova Scotia’s revenue was up 7.9% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of BNS. Norges Bank bought a new position in shares of Bank of Nova Scotia during the fourth quarter worth $672,432,000. The Manufacturers Life Insurance Company bought a new position in shares of Bank of Nova Scotia during the third quarter worth $363,773,000. Russell Investments Group Ltd. bought a new position in shares of Bank of Nova Scotia during the fourth quarter worth $171,131,000. Credit Suisse AG increased its position in shares of Bank of Nova Scotia by 135.2% in the first quarter. Credit Suisse AG now owns 4,979,811 shares of the bank’s stock worth $291,668,000 after buying an additional 2,862,657 shares during the period. Finally, 1832 Asset Management L.P. increased its position in shares of Bank of Nova Scotia by 22.3% in the third quarter. 1832 Asset Management L.P. now owns 13,716,590 shares of the bank’s stock worth $727,111,000 after buying an additional 2,497,081 shares during the period. Institutional investors own 50.72% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Tuesday, April 4th were given a dividend of $0.5799 per share. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, March 31st. This represents a $2.32 dividend on an annualized basis and a yield of 4.26%. Bank of Nova Scotia’s dividend payout ratio is 50.11%.
About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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