FY2018 EPS Estimates for Bank of Nova Scotia Increased by Desjardins (BNS)

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities researchers at Desjardins lifted their FY2018 earnings per share (EPS) estimates for shares of Bank of Nova Scotia in a report issued on Monday. Desjardins analyst D. Young now expects that the bank will earn $5.35 per share for the year, up from their prior forecast of $5.30. Desjardins also issued estimates for Bank of Nova Scotia’s FY2019 earnings at $5.83 EPS.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, November 28th. The bank reported $1.32 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.32. The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.64 billion. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 22.20%.

A number of other analysts have also issued reports on BNS. Macquarie started coverage on Bank of Nova Scotia in a report on Tuesday, October 24th. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded Bank of Nova Scotia from a “buy” rating to a “sell” rating in a research report on Tuesday, October 31st. Scotiabank reiterated a “buy” rating and issued a $95.00 price objective on shares of Bank of Nova Scotia in a research report on Wednesday, November 22nd. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $92.00 price objective on shares of Bank of Nova Scotia in a research report on Tuesday, November 28th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $86.00.

Bank of Nova Scotia (NYSE BNS) traded up $0.39 on Wednesday, reaching $61.42. The company’s stock had a trading volume of 187,008 shares, compared to its average volume of 734,673. The firm has a market cap of $73,261.09, a price-to-earnings ratio of 12.34, a P/E/G ratio of 1.39 and a beta of 1.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.06. Bank of Nova Scotia has a 12-month low of $53.86 and a 12-month high of $66.78.

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 29th. Shareholders of record on Tuesday, January 2nd were given a $0.617 dividend. The ex-dividend date was Friday, December 29th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.02%. Bank of Nova Scotia’s dividend payout ratio is currently 51.51%.

Bank of Nova Scotia declared that its board has approved a stock buyback program on Monday, February 12th that authorizes the company to buyback shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in the business. TD Asset Management Inc. lifted its position in shares of Bank of Nova Scotia by 1.4% in the 3rd quarter. TD Asset Management Inc. now owns 38,795,439 shares of the bank’s stock worth $2,487,821,000 after acquiring an additional 523,053 shares during the period. Mackenzie Financial Corp lifted its position in shares of Bank of Nova Scotia by 290.6% during the 4th quarter. Mackenzie Financial Corp now owns 26,417,366 shares of the bank’s stock worth $1,704,713,000 after buying an additional 19,654,899 shares during the period. Jarislowsky Fraser Ltd lifted its position in shares of Bank of Nova Scotia by 1.0% during the 3rd quarter. Jarislowsky Fraser Ltd now owns 16,829,361 shares of the bank’s stock worth $1,079,211,000 after buying an additional 173,233 shares during the period. Great West Life Assurance Co. Can lifted its position in shares of Bank of Nova Scotia by 7.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock worth $873,039,000 after buying an additional 913,814 shares during the period. Finally, CIBC Asset Management Inc lifted its position in shares of Bank of Nova Scotia by 0.8% during the 3rd quarter. CIBC Asset Management Inc now owns 12,584,409 shares of the bank’s stock worth $806,732,000 after buying an additional 101,510 shares during the period. Institutional investors own 46.29% of the company’s stock.

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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.

Earnings History and Estimates for Bank of Nova Scotia (NYSE:BNS)

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