Bank of Nova Scotia (NYSE:BNS) Releases Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Bank of Nova Scotia reported earnings per share of $1.37, exceeding analysts' expectations of $1.28 by $0.09.
• The bank announced an increase in its quarterly dividend to $1.10, which represents an annualized total of $4.40 and a yield of 7.7%.
• Despite the positive earnings, Bank of Nova Scotia's stock opened 0.6% lower on the day of the report, indicating market volatility.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS issued its earnings results on Tuesday. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.09, Zacks reports. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The company had revenue of $6.85 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the prior year, the business posted $1.63 earnings per share. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year.

Bank of Nova Scotia Trading Up 1.1%

Shares of Bank of Nova Scotia stock traded up $0.67 during trading hours on Thursday, hitting $62.40. The company's stock had a trading volume of 1,988,393 shares, compared to its average volume of 1,707,806. Bank of Nova Scotia has a 1-year low of $44.09 and a 1-year high of $62.45. The business has a fifty day moving average of $56.04 and a 200 day moving average of $52.01. The company has a market capitalization of $77.53 billion, a PE ratio of 16.78, a P/E/G ratio of 1.57 and a beta of 1.14. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.66.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a report on Wednesday. Wall Street Zen downgraded shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $86.00.

Institutional Investors Weigh In On Bank of Nova Scotia

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Bank of Nova Scotia by 111.2% during the 1st quarter. AQR Capital Management LLC now owns 19,096 shares of the bank's stock valued at $911,000 after acquiring an additional 10,056 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Bank of Nova Scotia by 42.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock valued at $120,000 after acquiring an additional 649 shares during the last quarter. Sei Investments Co. boosted its stake in Bank of Nova Scotia by 2.1% during the 2nd quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock valued at $1,172,000 after acquiring an additional 434 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Bank of Nova Scotia by 61.1% during the 2nd quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank's stock valued at $3,701,000 after acquiring an additional 25,400 shares during the last quarter. Finally, Lighthouse Investment Partners LLC boosted its stake in Bank of Nova Scotia by 33.9% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 391,344 shares of the bank's stock valued at $21,629,000 after acquiring an additional 99,035 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Company Profile

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.