Cormark Equities Analysts Lower Earnings Estimates for Bank of Nova Scotia (BNS)
Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) – Stock analysts at Cormark decreased their Q2 2018 earnings estimates for shares of Bank of Nova Scotia in a research report issued to clients and investors on Wednesday. Cormark analyst M. Grauman now forecasts that the bank will earn $1.64 per share for the quarter, down from their previous estimate of $1.66. Cormark also issued estimates for Bank of Nova Scotia’s FY2018 earnings at $7.01 EPS, Q1 2019 earnings at $1.82 EPS, Q2 2019 earnings at $1.84 EPS, Q3 2019 earnings at $1.95 EPS, Q4 2019 earnings at $1.98 EPS and FY2019 earnings at $7.58 EPS.
A number of other analysts also recently issued reports on the company. Citigroup raised their target price on Bank of Nova Scotia from C$90.00 to C$93.00 in a research report on Friday, November 17th. BMO Capital Markets set a C$86.00 target price on Bank of Nova Scotia and gave the stock an “outperform” rating in a research report on Friday, February 2nd. CIBC raised their target price on Bank of Nova Scotia from C$87.00 to C$93.00 in a research report on Monday, November 13th. Scotiabank decreased their target price on Bank of Nova Scotia from C$95.00 to C$94.00 and set an “outperform” rating for the company in a research report on Wednesday, November 29th. Finally, CSFB raised their target price on Bank of Nova Scotia from C$84.00 to C$86.00 in a research report on Friday, January 19th. Eight equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of C$91.00.
Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last released its earnings results on Tuesday, November 28th. The bank reported C$1.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$1.68 by C($0.03). Bank of Nova Scotia had a return on equity of 14.64% and a net margin of 30.39%. The firm had revenue of C$6.81 billion during the quarter, compared to analysts’ expectations of C$7.05 billion. During the same period in the prior year, the business earned $1.58 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Stockholders of record on Tuesday, April 3rd will be given a $0.82 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.79. This represents a $3.28 annualized dividend and a dividend yield of 4.16%. Bank of Nova Scotia’s payout ratio is 45.72%.
In other news, insider Barbara Frances Mason sold 20,000 shares of Bank of Nova Scotia stock in a transaction on Thursday, December 7th. The stock was sold at an average price of C$82.60, for a total value of C$1,652,000.00.
About Bank of Nova Scotia
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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