Bank of Nova Scotia (The) (BNS) Increases Dividend to $0.63 Per Share
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) announced a quarterly dividend on Tuesday, August 29th, Wall Street Journal reports. Shareholders of record on Tuesday, October 3rd will be given a dividend of 0.6294 per share by the bank on Friday, October 27th. This represents a $2.52 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Monday, October 2nd. This is a boost from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56.
Bank of Nova Scotia (The) has decreased its dividend by an average of 2.7% per year over the last three years. Bank of Nova Scotia (The) has a payout ratio of 45.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bank of Nova Scotia (The) to earn $5.43 per share next year, which means the company should continue to be able to cover its $2.30 annual dividend with an expected future payout ratio of 42.4%.
Shares of Bank of Nova Scotia (NYSE BNS) opened at 61.75 on Wednesday. The firm has a 50-day moving average price of $61.64 and a 200 day moving average price of $59.16. The company has a market cap of $74.22 billion, a PE ratio of 12.47 and a beta of 1.26. Bank of Nova Scotia has a 1-year low of $51.21 and a 1-year high of $63.07.
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, May 30th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.08. The business had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.73 billion. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. On average, equities analysts anticipate that Bank of Nova Scotia will post $5.21 earnings per share for the current year.
Bank of Nova Scotia (The) declared that its board has initiated a stock repurchase plan on Tuesday, May 30th that allows the company to repurchase 24,000,000 outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Several equities analysts recently issued reports on the company. BidaskClub cut Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Bank of America Corporation upped their price objective on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, May 31st. Canaccord Genuity set a $87.00 price objective on Bank of Nova Scotia (The) and gave the company a “buy” rating in a research report on Tuesday. Royal Bank Of Canada upped their price objective on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. Finally, Zacks Investment Research raised Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $76.00.
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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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