Bank of Nova Scotia (NYSE:BNS) Posts Earnings Results, Beats Estimates By $0.65 EPS

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) released its quarterly earnings data on Wednesday. The bank reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.65, Briefing.com reports. The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.87 billion. Bank of Nova Scotia had a net margin of 25.54% and a return on equity of 15.22%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 EPS.

Shares of BNS stock traded up $0.99 during trading hours on Friday, hitting $67.04. 98,609 shares of the company were exchanged, compared to its average volume of 1,808,691. The firm has a fifty day simple moving average of $67.32 and a 200 day simple moving average of $69.20. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Bank of Nova Scotia has a 52-week low of $59.05 and a 52-week high of $74.86. The stock has a market capitalization of $80.30 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 1.59 and a beta of 0.94.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Tuesday, July 5th will be paid a dividend of $0.801 per share. The ex-dividend date of this dividend is Friday, July 1st. This represents a $3.20 annualized dividend and a dividend yield of 4.78%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.79. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 50.39%.

A number of equities analysts have recently issued reports on BNS shares. Desjardins cut their price objective on shares of Bank of Nova Scotia from C$96.00 to C$94.00 in a research report on Friday. TD Securities raised their price target on shares of Bank of Nova Scotia from C$88.00 to C$90.00 in a research report on Thursday. Zacks Investment Research raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Thursday, February 24th. StockNews.com started coverage on shares of Bank of Nova Scotia in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Canaccord Genuity Group raised their price target on shares of Bank of Nova Scotia from C$89.00 to C$92.00 in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and a consensus price target of $92.22.

Several hedge funds have recently modified their holdings of BNS. BNP Paribas Arbitrage SA increased its stake in shares of Bank of Nova Scotia by 4.8% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,099 shares of the bank’s stock worth $375,000 after purchasing an additional 279 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Bank of Nova Scotia in the 4th quarter valued at approximately $1,154,000. LPL Financial LLC grew its stake in Bank of Nova Scotia by 48.0% in the 4th quarter. LPL Financial LLC now owns 44,084 shares of the bank’s stock valued at $3,160,000 after buying an additional 14,294 shares in the last quarter. Alliancebernstein L.P. grew its stake in Bank of Nova Scotia by 4.4% in the 4th quarter. Alliancebernstein L.P. now owns 88,694 shares of the bank’s stock valued at $6,358,000 after buying an additional 3,756 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Bank of Nova Scotia by 10.6% in the 4th quarter. Cetera Investment Advisers now owns 5,352 shares of the bank’s stock valued at $384,000 after buying an additional 511 shares in the last quarter. Institutional investors own 45.01% of the company’s stock.

About Bank of Nova Scotia (Get Rating)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

See Also

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

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