Bank of Nova Scotia (The) (BNS) Announces Quarterly Earnings Results
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) issued its quarterly earnings data on Tuesday. The bank reported $1.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by $0.38, Morningstar.com reports. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the business posted $1.54 earnings per share.
Shares of Bank of Nova Scotia (NYSE:BNS) opened at 61.59 on Thursday. The firm has a market cap of $74.02 billion, a PE ratio of 12.42 and a beta of 1.26. Bank of Nova Scotia has a 52 week low of $51.21 and a 52 week high of $63.07. The company has a 50 day moving average of $61.64 and a 200 day moving average of $59.16.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Tuesday, October 3rd will be paid a $0.6294 dividend. This is a boost from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $2.52 annualized dividend and a dividend yield of 4.09%. Bank of Nova Scotia (The)’s dividend payout ratio (DPR) is 46.30%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Fiduciary Trust Co. acquired a new position in Bank of Nova Scotia (The) during the second quarter worth about $102,000. Advisory Services Network LLC acquired a new position in Bank of Nova Scotia (The) during the first quarter worth about $111,000. IFP Advisors Inc boosted its position in Bank of Nova Scotia (The) by 46.7% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock worth $125,000 after buying an additional 661 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Bank of Nova Scotia (The) during the first quarter worth about $203,000. Finally, Quantum Capital Management acquired a new position in Bank of Nova Scotia (The) during the second quarter worth about $205,000. 45.12% of the stock is owned by institutional investors and hedge funds.
BNS has been the topic of several analyst reports. BidaskClub downgraded shares of Bank of Nova Scotia (The) from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Canaccord Genuity set a $87.00 target price on shares of Bank of Nova Scotia (The) and gave the company a “buy” rating in a report on Tuesday. Zacks Investment Research raised shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Tuesday, July 18th. Scotiabank reaffirmed a “buy” rating and issued a $88.00 target price on shares of Bank of Nova Scotia (The) in a report on Wednesday. Finally, Bank of America Corporation lifted their target price on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, May 31st. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $77.33.
Bank of Nova Scotia (The) announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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About Bank of Nova Scotia (The)
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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