Bank of Nova Scotia (The) to Post FY2017 Earnings of $5.27 Per Share, Cormark Forecasts (BNS)
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) – Investment analysts at Cormark boosted their FY2017 earnings estimates for Bank of Nova Scotia (The) in a research note issued on Wednesday. Cormark analyst M. Grauman now forecasts that the bank will post earnings per share of $5.27 for the year, up from their prior estimate of $4.89. Cormark also issued estimates for Bank of Nova Scotia (The)’s Q4 2017 earnings at $1.35 EPS, Q1 2018 earnings at $1.40 EPS, Q2 2018 earnings at $1.38 EPS, Q3 2018 earnings at $1.47 EPS, Q4 2018 earnings at $1.48 EPS and FY2018 earnings at $5.73 EPS.
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 29th. The bank reported $1.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by $0.38. Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. The company had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the firm earned $1.54 EPS. COPYRIGHT VIOLATION WARNING: This piece was published by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another website, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this piece can be accessed at https://www.watchlistnews.com/bank-of-nova-scotia-the-to-post-fy2017-earnings-of-5-27-per-share-cormark-forecasts-bns/1535503.html.
BNS has been the subject of a number of other reports. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a report on Thursday, May 18th. 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 for the company in a report on Tuesday, July 18th. Barclays PLC raised shares of Bank of Nova Scotia (The) from an “equal weight” rating to an “overweight” rating in a report on Tuesday, May 23rd. Canaccord Genuity started coverage on shares of Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They issued a “buy” rating for the company. Finally, Royal Bank Of Canada increased their target price on shares of Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $77.75.
Bank of Nova Scotia (NYSE BNS) opened at 62.14 on Thursday. 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 price of $61.73 and a 200 day moving average price of $59.19. The stock has a market cap of $74.68 billion, a price-to-earnings ratio of 12.30 and a beta of 1.26.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders 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. This represents a $2.52 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend is Monday, October 2nd. Bank of Nova Scotia (The)’s payout ratio is presently 46.30%.
Bank of Nova Scotia (The) declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in the company. Karp Capital Management Corp purchased a new stake in Bank of Nova Scotia (The) during the first quarter valued at approximately $42,686,000. British Columbia Investment Management Corp raised its position in shares of Bank of Nova Scotia (The) by 1.5% in the first quarter. British Columbia Investment Management Corp now owns 186,619 shares of the bank’s stock worth $8,196,000 after buying an additional 2,800 shares during the period. World Asset Management Inc raised its position in shares of Bank of Nova Scotia (The) by 1.5% in the first quarter. World Asset Management Inc now owns 75,047 shares of the bank’s stock worth $4,396,000 after buying an additional 1,126 shares during the period. Baskin Financial Services Inc. raised its position in shares of Bank of Nova Scotia (The) by 3.9% in the first quarter. Baskin Financial Services Inc. now owns 251,002 shares of the bank’s stock worth $14,657,000 after buying an additional 9,472 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of Nova Scotia (The) by 14.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 914,370 shares of the bank’s stock worth $53,341,000 after buying an additional 114,974 shares during the period. 45.12% of the stock is owned by hedge funds and other institutional investors.
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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