Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Equities researchers at Desjardins raised their FY2018 earnings per share estimates for Bank of Nova Scotia in a research note issued on Monday. Desjardins analyst D. Young now forecasts that the bank will post earnings per share of $5.35 for the year, up from their previous estimate of $5.30. Desjardins also issued estimates for Bank of Nova Scotia’s FY2019 earnings at $5.83 EPS.
A number of other brokerages have also weighed in on BNS. Macquarie initiated coverage on Bank of Nova Scotia in a report on Tuesday, October 24th. They issued an “outperform” rating on the stock. Canaccord Genuity reissued a “buy” rating and issued a $92.00 price objective on shares of Bank of Nova Scotia in a report on Tuesday, November 28th. Zacks Investment Research raised Bank of Nova Scotia from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Tuesday, February 6th. Finally, Scotiabank reissued a “buy” rating and issued a $95.00 price objective on shares of Bank of Nova Scotia in a report on Wednesday, November 22nd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Bank of Nova Scotia presently has a consensus rating of “Buy” and an average target price of $86.00.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, November 28th. The bank reported $1.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.32. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.64 billion. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 22.20%.
A number of institutional investors have recently bought and sold shares of BNS. Mackenzie Financial Corp grew its holdings in Bank of Nova Scotia by 290.6% during the fourth quarter. Mackenzie Financial Corp now owns 26,417,366 shares of the bank’s stock worth $1,704,713,000 after acquiring an additional 19,654,899 shares during the period. The Manufacturers Life Insurance Company boosted its position in Bank of Nova Scotia by 24.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 10,948,602 shares of the bank’s stock worth $706,513,000 after purchasing an additional 2,177,905 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Bank of Nova Scotia by 7.2% during the third quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock worth $873,039,000 after purchasing an additional 913,814 shares in the last quarter. AGF Investments Inc. boosted its position in Bank of Nova Scotia by 71.7% during the fourth quarter. AGF Investments Inc. now owns 1,361,153 shares of the bank’s stock worth $87,841,000 after purchasing an additional 568,616 shares in the last quarter. Finally, Highstreet Asset Management Inc. boosted its position in Bank of Nova Scotia by 86.0% during the fourth quarter. Highstreet Asset Management Inc. now owns 1,203,406 shares of the bank’s stock worth $77,661,000 after purchasing an additional 556,316 shares in the last quarter. 46.29% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently announced a quarterly dividend, which was paid on Monday, January 29th. Investors of record on Tuesday, January 2nd were issued a dividend of $0.617 per share. This represents a $2.47 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Friday, December 29th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 49.23%.
Bank of Nova Scotia declared that its Board of Directors has initiated a share repurchase program on Monday, February 12th that allows the company to buyback outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Bank of Nova Scotia Company Profile
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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