Cormark Predicts Higher Earnings for Bank of Nova Scotia

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) – Research analysts at Cormark raised their FY2024 EPS estimates for Bank of Nova Scotia in a report issued on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will post earnings of $6.53 per share for the year, up from their previous estimate of $6.46. Cormark has a “Market Perform” rating and a $65.00 price target 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.

Several other research firms also recently commented on BNS. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Jefferies Financial Group boosted their price target on shares of Bank of Nova Scotia from C$65.00 to C$69.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating and raised their price objective for the company from C$71.00 to C$84.00 in a research note on Tuesday, November 19th. TD Securities lifted their price objective on Bank of Nova Scotia from C$80.00 to C$82.00 in a report on Friday, November 15th. Finally, CIBC increased their target price on Bank of Nova Scotia from C$82.00 to C$84.00 in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$76.00.

Bank of Nova Scotia Price Performance

TSE:BNS opened at C$79.09 on Wednesday. The company has a market capitalization of C$98.07 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.33 and a beta of 0.97. The business has a 50 day moving average of C$73.80 and a 200 day moving average of C$67.82. Bank of Nova Scotia has a 1-year low of C$56.83 and a 1-year high of C$79.38.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of C$1.63. The firm had revenue of C$8.36 billion during 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%.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were issued a $1.06 dividend. This represents a $4.24 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 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.