Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) – Desjardins raised their FY2017 earnings per share (EPS) estimates for Bank of Nova Scotia (The) in a note issued to investors on Tuesday. Desjardins analyst D. Young now forecasts that the bank will post earnings per share of $5.22 for the year, up from their prior forecast of $5.14. Desjardins also issued estimates for Bank of Nova Scotia (The)’s FY2018 earnings at $5.52 EPS.

Other equities research analysts also recently issued research reports about the company. Bank of America Corporation boosted their price objective on 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. Zacks Investment Research upgraded Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Tuesday, July 18th. Canaccord Genuity initiated coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They set a “buy” rating for the company. BidaskClub upgraded Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, Scotiabank restated a “buy” rating and set a $88.00 price objective on shares of Bank of Nova Scotia (The) in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Bank of Nova Scotia (The) has an average rating of “Buy” and a consensus price target of $83.20.

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Shares of Bank of Nova Scotia (NYSE BNS) opened at 62.70 on Thursday. Bank of Nova Scotia has a 1-year low of $51.21 and a 1-year high of $63.07. The company’s 50-day moving average price is $61.76 and its 200-day moving average price is $59.20. The company has a market capitalization of $75.36 billion, a PE ratio of 12.41 and a beta of 1.27.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 29th. The bank reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by $0.38. Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. The business had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the company posted $1.54 earnings per share.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc. boosted its position in shares of Bank of Nova Scotia (The) by 1.4% in the second quarter. TD Asset Management Inc. now owns 38,272,386 shares of the bank’s stock valued at $2,298,937,000 after buying an additional 522,845 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Bank of Nova Scotia (The) by 4.3% in the second quarter. Vanguard Group Inc. now owns 26,994,461 shares of the bank’s stock valued at $1,623,177,000 after buying an additional 1,105,865 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Bank of Nova Scotia (The) by 3.0% in the first quarter. Wellington Management Group LLP now owns 15,425,362 shares of the bank’s stock valued at $902,369,000 after buying an additional 447,359 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Bank of Nova Scotia (The) by 7.2% in the second quarter. CIBC Asset Management Inc now owns 12,482,899 shares of the bank’s stock valued at $750,050,000 after buying an additional 834,837 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Bank of Nova Scotia (The) by 1.7% in the first quarter. FMR LLC now owns 10,707,643 shares of the bank’s stock valued at $626,427,000 after buying an additional 179,523 shares during the last quarter. 45.12% of the stock is currently owned by institutional investors.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Tuesday, October 3rd will be given a dividend of $0.6294 per share. This is a boost from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. The ex-dividend date is Monday, October 2nd. This represents a $2.52 annualized dividend and a dividend yield of 4.02%. Bank of Nova Scotia (The)’s payout ratio is presently 46.30%.

Bank of Nova Scotia (The) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 30th that authorizes the company to buyback 24,000,000 outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.

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

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