National Bank Financial Comments on The Bank of Nova Scotia’s FY2022 Earnings (NYSE:BNS)

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Analysts at National Bank Financial lifted their FY2022 earnings estimates for shares of Bank of Nova Scotia in a note issued to investors on Monday, November 22nd. National Bank Financial analyst G. Dechaine now anticipates that the bank will post earnings per share of $6.65 for the year, up from their previous forecast of $6.46. National Bank Financial currently has a “Sector Perform” rating and a $86.00 target price on the stock. National Bank Financial also issued estimates for Bank of Nova Scotia’s FY2023 earnings at $6.73 EPS.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Monday, August 23rd. The bank reported $2.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.51. The firm had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.77 billion. Bank of Nova Scotia had a return on equity of 13.87% and a net margin of 22.86%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 earnings per share.

Other equities research analysts also recently issued research reports about the company. Veritas Investment Research reiterated a “buy” rating on shares of Bank of Nova Scotia in a report on Friday, November 12th. Fundamental Research boosted their price objective on Bank of Nova Scotia from $85.00 to $87.68 and gave the stock a “buy” rating in a research report on Wednesday, September 1st. TD Securities cut their price objective on Bank of Nova Scotia from C$90.00 to C$87.00 and set a “buy” rating on the stock in a research report on Wednesday, August 25th. Zacks Investment Research cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Canaccord Genuity raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of Nova Scotia has a consensus rating of “Buy” and a consensus target price of $86.43.

Shares of Bank of Nova Scotia stock opened at $65.74 on Thursday. The stock has a fifty day simple moving average of $64.36 and a 200 day simple moving average of $64.19. Bank of Nova Scotia has a 12-month low of $48.69 and a 12-month high of $68.02. The company has a market capitalization of $79.90 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.74 and a beta of 0.93. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.42.

A number of hedge funds and other institutional investors have recently made changes to their positions in BNS. HighTower Advisors LLC increased its position in shares of Bank of Nova Scotia by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 26,052 shares of the bank’s stock valued at $1,595,000 after purchasing an additional 157 shares during the last quarter. Merit Financial Group LLC increased its position in shares of Bank of Nova Scotia by 1.6% during the 2nd quarter. Merit Financial Group LLC now owns 10,633 shares of the bank’s stock valued at $692,000 after purchasing an additional 164 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of Bank of Nova Scotia by 3.1% during the 2nd quarter. Moors & Cabot Inc. now owns 6,610 shares of the bank’s stock valued at $430,000 after purchasing an additional 200 shares during the last quarter. Nwam LLC increased its position in shares of Bank of Nova Scotia by 3.9% during the 3rd quarter. Nwam LLC now owns 5,604 shares of the bank’s stock valued at $345,000 after purchasing an additional 209 shares during the last quarter. Finally, Veriti Management LLC increased its position in shares of Bank of Nova Scotia by 2.6% during the 3rd quarter. Veriti Management LLC now owns 9,200 shares of the bank’s stock valued at $566,000 after purchasing an additional 234 shares during the last quarter. Institutional investors and hedge funds own 45.56% of the company’s stock.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia engages in the provision of financial products and services, including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Banking and Markets, and Other. The Other segment includes group treasury, smaller operating segments and business line elimination items.

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

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