Scotiabank Raises Earnings Estimates for Pan American Silver

Key Points

• Scotiabank raised Pan American Silver’s Q3 2026 EPS estimate to $0.71 from $0.67 and maintained an “Outperform” rating. It also forecast $0.78 EPS for Q4 2026 and $3.27 for full-year 2026.
• Pan American Silver’s latest quarterly results missed expectations, with EPS of $0.73 versus the $0.84 consensus and revenue of $1.12 billion versus $1.16 billion expected. However, revenue increased 38.4% year over year, while net margin reached 32.04%.
• The stock opened at $46.15, below its 50-day and 200-day moving averages, while analysts maintained a broadly positive view with a “Moderate Buy” consensus rating and a $67.71 average price target. The company also pays a quarterly dividend of C$0.18 per share, yielding approximately 1.6%.

Pan American Silver Corp. (NYSE:PAAS - Free Report) TSE: PAAS - Analysts at Scotiabank lifted their Q3 2026 earnings per share estimates for Pan American Silver in a research report issued to clients and investors on Monday, September 21st. Scotiabank analyst O. Habib now expects that the basic materials company will earn $0.71 per share for the quarter, up from their prior estimate of $0.67. Scotiabank currently has a "Outperform" rating on the stock. The consensus estimate for Pan American Silver's current full-year earnings is $3.81 per share. Scotiabank also issued estimates for Pan American Silver's Q4 2026 earnings at $0.78 EPS, FY2026 earnings at $3.27 EPS and FY2027 earnings at $2.66 EPS.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last posted its quarterly earnings data on Wednesday, August 12th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.84 by ($0.11). Pan American Silver had a net margin of 32.04% and a return on equity of 20.01%. The business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $0.43 EPS. Pan American Silver's revenue was up 38.4% compared to the same quarter last year.

PAAS has been the subject of several other reports. Weiss Ratings cut shares of Pan American Silver from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Zacks Research upgraded Pan American Silver from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. BMO Capital Markets reissued a "market perform" rating on shares of Pan American Silver in a research note on Thursday, August 13th. Wall Street Zen downgraded Pan American Silver from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Bank of America decreased their target price on Pan American Silver from $77.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $67.71.

Pan American Silver Trading Up 0.8%

NYSE PAAS opened at $46.15 on Wednesday. The stock has a market cap of $19.10 billion, a PE ratio of 13.94, a PEG ratio of 4.50 and a beta of 0.77. Pan American Silver has a 12 month low of $33.08 and a 12 month high of $69.99. The company's 50-day moving average price is $48.99 and its 200-day moving average price is $50.82. The company has a current ratio of 2.94, a quick ratio of 2.23 and a debt-to-equity ratio of 0.11.

Pan American Silver Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a dividend of C$0.18 per share. The ex-dividend date of this dividend was Monday, August 24th. This is a positive change from Pan American Silver's previous quarterly dividend of C$0.18. This represents a $0.74 annualized dividend and a yield of 1.6%. Pan American Silver's dividend payout ratio is 22.36%.

Hedge Funds Weigh In On Pan American Silver

A number of large investors have recently bought and sold shares of the business. RFG Advisory LLC grew its position in shares of Pan American Silver by 2.5% in the first quarter. RFG Advisory LLC now owns 7,731 shares of the basic materials company's stock valued at $422,000 after purchasing an additional 191 shares in the last quarter. Grand Central Investment Group lifted its position in Pan American Silver by 0.5% during the first quarter. Grand Central Investment Group now owns 44,801 shares of the basic materials company's stock worth $2,447,000 after buying an additional 211 shares in the last quarter. North Star Investment Management Corp. lifted its position in Pan American Silver by 7.8% during the first quarter. North Star Investment Management Corp. now owns 3,451 shares of the basic materials company's stock worth $189,000 after buying an additional 251 shares in the last quarter. Verus Capital Partners LLC boosted its stake in Pan American Silver by 3.5% during the fourth quarter. Verus Capital Partners LLC now owns 11,082 shares of the basic materials company's stock worth $574,000 after buying an additional 378 shares during the last quarter. Finally, Concurrent Investment Advisors LLC boosted its stake in Pan American Silver by 4.3% during the second quarter. Concurrent Investment Advisors LLC now owns 10,266 shares of the basic materials company's stock worth $460,000 after buying an additional 419 shares during the last quarter. Institutional investors own 55.43% of the company's stock.

Key Pan American Silver News

Here are the key news stories impacting Pan American Silver this week:

• Positive Sentiment: National Bank Financial raised its earnings outlook. The firm increased its FY2027 EPS forecast to $4.31 from $4.15 and FY2028 EPS to $6.65 from $6.45. It also lifted estimates for Q1 2027, Q2 2027, Q3 2027, Q4 2027 and Q2 2028. These revisions suggest stronger expected profitability and may support investor interest in PAAS.
• Positive Sentiment: Scotiabank also raised its near-term projections. Its Q3 2026 EPS estimate increased to $0.71 from $0.67, Q4 2026 to $0.78 from $0.74, and FY2026 to $3.27 from $3.21. Scotiabank maintained an “Outperform” rating, reinforcing the constructive view.
• Neutral Sentiment: Management’s Mining Forum Americas presentation provides additional investor visibility. The September 29 presentation may have offered updates on operations, commodities and growth plans, but the supplied coverage does not identify a specific new announcement likely to materially change valuation. Mining Forum Americas presentation transcript
• Negative Sentiment: National Bank Financial lowered its Q3 2026 EPS estimate to $0.82 from $0.87, indicating some potential near-term earnings pressure. Scotiabank’s FY2027 estimate also edged down to $2.66 from $2.67, although this was partly offset by its higher 2026 forecasts.
• Negative Sentiment: PAAS recently underperformed the broader market. Shares closed at $45.77 in the latest cited session, down 4.73%, suggesting recent selling pressure despite the improving analyst outlook. Zacks PAAS market performance analysis

Pan American Silver Company Profile

Pan American Silver Corp. is a precious metals mining company focused on the exploration, development, and operation of silver and gold mines. The company produces silver, gold, zinc, lead, and copper, with silver and gold representing its principal products.

Founded in 1994, Pan American Silver is headquartered in Vancouver, British Columbia, and has developed a portfolio of mining operations and projects across the Americas. Its activities have included operations in Canada, Mexico, Peru, Bolivia, Argentina, Brazil, and Chile, although its operating portfolio can change as assets are developed, acquired, or divested.

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