Cormark Weighs in on The Bank of Nova Scotia’s Q2 2023 Earnings (TSE:BNS)

The Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) – Investment analysts at Cormark dropped their Q2 2023 earnings per share (EPS) estimates for Bank of Nova Scotia in a research note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the bank will post earnings per share of $1.80 for the quarter, down from their prior estimate of $1.87. The consensus estimate for Bank of Nova Scotia’s current full-year earnings is $7.61 per share. Cormark also issued estimates for Bank of Nova Scotia’s FY2023 earnings at $7.49 EPS and FY2024 earnings at $7.82 EPS.

Bank of Nova Scotia (TSE:BNS – Get Rating) (NYSE:BNS) last announced its earnings results on Tuesday, February 28th. The bank reported C$1.85 earnings per share for the quarter, missing analysts’ consensus estimates of C$2.04 by C($0.19). Bank of Nova Scotia had a net margin of 30.69% and a return on equity of 12.30%. The business had revenue of C$7.98 billion during the quarter, compared to analyst estimates of C$8.25 billion.

BNS has been the subject of a number of other reports. Royal Bank of Canada lowered their target price on Bank of Nova Scotia from C$76.00 to C$73.00 in a research note on Thursday. CSFB lowered their target price on Bank of Nova Scotia from C$72.00 to C$70.00 in a research note on Tuesday, May 16th. Veritas Investment Research restated a “reduce” rating on shares of Bank of Nova Scotia in a research note on Monday, February 27th. National Bankshares lowered their price objective on Bank of Nova Scotia from C$69.00 to C$66.00 and set a “sector perform” rating for the company in a research report on Thursday. Finally, Fundamental Research set a C$86.76 price objective on Bank of Nova Scotia and gave the stock a “buy” rating in a research report on Tuesday, March 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average price target of C$74.34.

Bank of Nova Scotia Stock Performance

Shares of TSE:BNS opened at C$66.72 on Wednesday. Bank of Nova Scotia has a twelve month low of C$63.19 and a twelve month high of C$86.22. The firm has a market cap of C$79.40 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 2.97 and a beta of 0.94. The business has a fifty day moving average of C$67.08 and a 200-day moving average of C$68.39.

Bank of Nova Scotia Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Tuesday, April 4th were given a dividend of $1.03 per share. The ex-dividend date was Monday, April 3rd. This represents a $4.12 annualized dividend and a dividend yield of 6.18%. Bank of Nova Scotia’s payout ratio is currently 56.91%.

About Bank of Nova Scotia

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The Bank of Nova Scotia engages in the provision of various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.