Bank of Nova Scotia (NYSE:BNS) Announces Earnings Results

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS announced its quarterly earnings results on Tuesday. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.08), Zacks reports. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $8.98 billion. Bank of Nova Scotia had a return on equity of 11.56% and a net margin of 10.20%. The business's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.58 earnings per share.

Bank of Nova Scotia Stock Up 0.6%

NYSE BNS traded up $0.33 during mid-day trading on Friday, reaching $53.59. 2,438,449 shares of the company's stock traded hands, compared to its average volume of 1,703,568. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The company has a fifty day simple moving average of $49.10 and a 200-day simple moving average of $51.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market cap of $66.75 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd will be paid a dividend of $0.7996 per share. This represents a $3.20 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date is Wednesday, July 2nd. This is a positive change from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's dividend payout ratio (DPR) is 89.44%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Bank of America lowered Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research note on Monday, March 31st. Royal Bank of Canada dropped their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Cibc World Mkts lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Friday. Finally, CIBC reiterated a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $81.00.

Institutional Investors Weigh In On Bank of Nova Scotia

A hedge fund recently raised its stake in Bank of Nova Scotia stock. AQR Capital Management LLC raised its holdings in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 111.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,096 shares of the bank's stock after purchasing an additional 10,056 shares during the quarter. AQR Capital Management LLC's holdings in Bank of Nova Scotia were worth $911,000 at the end of the most recent quarter. 49.13% of the stock is owned by institutional investors.

About Bank of Nova Scotia

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