Bank of Nova Scotia (NYSE:BNS) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) posted its quarterly earnings data on Tuesday. The bank reported $1.41 EPS for the quarter, topping the consensus estimate of $1.37 by $0.04, Morningstar.com reports. The firm had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.86 billion. Bank of Nova Scotia had a return on equity of 13.56% and a net margin of 18.32%. Bank of Nova Scotia’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.76 EPS.

Shares of Bank of Nova Scotia stock opened at $53.00 on Friday. The company has a market capitalization of $62.83 billion, a P/E ratio of 9.74, a P/E/G ratio of 2.71 and a beta of 1.16. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The company has a fifty day moving average of $52.44 and a 200 day moving average of $53.60. Bank of Nova Scotia has a fifty-two week low of $48.34 and a fifty-two week high of $60.52.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Tuesday, October 1st will be issued a $0.682 dividend. The ex-dividend date is Monday, September 30th. This represents a $2.73 annualized dividend and a yield of 5.15%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.65. Bank of Nova Scotia’s dividend payout ratio is currently 48.90%.



Several equities research analysts have recently commented on BNS shares. Credit Suisse Group upped their price objective on Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday. BMO Capital Markets reduced their price objective on Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday. Barclays restated an “average” rating and issued a $78.00 price objective on shares of Bank of Nova Scotia in a research note on Thursday, May 30th. Zacks Investment Research lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, ValuEngine lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $76.17.

A number of institutional investors have recently modified their holdings of the stock. Laurel Wealth Advisors Inc. boosted its holdings in Bank of Nova Scotia by 2.3% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 8,865 shares of the bank’s stock worth $482,000 after buying an additional 200 shares during the period. Atlas Capital Advisors LLC boosted its holdings in shares of Bank of Nova Scotia by 456.6% during the 1st quarter. Atlas Capital Advisors LLC now owns 462 shares of the bank’s stock valued at $25,000 after purchasing an additional 379 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Bank of Nova Scotia by 4.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 9,104 shares of the bank’s stock valued at $486,000 after purchasing an additional 401 shares during the last quarter. Cornerstone Advisors Inc. boosted its holdings in shares of Bank of Nova Scotia by 19.8% during the 1st quarter. Cornerstone Advisors Inc. now owns 2,533 shares of the bank’s stock valued at $135,000 after purchasing an additional 419 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of Bank of Nova Scotia by 5.3% during the 2nd quarter. M&T Bank Corp now owns 8,623 shares of the bank’s stock valued at $469,000 after purchasing an additional 432 shares during the last quarter. 46.21% of the stock is owned by institutional investors.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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Earnings History for Bank of Nova Scotia (NYSE:BNS)

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