Bank of Nova Scotia (BNS) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) announced its quarterly earnings data on Tuesday. The company reported $1.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.06. The company earned $6.75 billion during the quarter, compared to analysts’ expectations of $4.92 billion. Bank of Nova Scotia had a return on equity of 14.04% and a net margin of 20.84%. During the same quarter last year, the company earned $1.45 EPS.
Shares of Bank of Nova Scotia (NYSE:BNS) opened at 54.88 on Wednesday. The stock has a 50 day moving average of $53.41 and a 200-day moving average of $51.72. The firm has a market capitalization of $66.12 billion, a P/E ratio of 13.12 and a beta of 1.29. Bank of Nova Scotia has a 52-week low of $35.01 and a 52-week high of $55.37.
Several equities analysts have recently weighed in on BNS shares. Credit Suisse Group AG restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Monday, November 14th. Barclays PLC restated an “equal weight” rating and issued a $60.00 price objective (up previously from $55.00) on shares of Bank of Nova Scotia in a report on Sunday, August 21st. Zacks Investment Research upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Friday, November 18th. Dundee Securities started coverage on shares of Bank of Nova Scotia in a research note on Wednesday, September 21st. They issued a “buy” rating for the company. Finally, Bank of America Corp. started coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 1st. They issued a “buy” rating for the company. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $68.09.
Large investors have recently modified their holdings of the company. Advisor Group Inc. purchased a new stake in shares of Bank of Nova Scotia during the second quarter worth about $120,000. Glenmede Trust Co. NA increased its stake in shares of Bank of Nova Scotia by 2.1% in the second quarter. Glenmede Trust Co. NA now owns 3,553 shares of the company’s stock worth $173,000 after buying an additional 74 shares during the last quarter. Signaturefd LLC increased its stake in shares of Bank of Nova Scotia by 29.2% in the second quarter. Signaturefd LLC now owns 3,555 shares of the company’s stock worth $174,000 after buying an additional 803 shares during the last quarter. Cambridge Trust Co. purchased a new stake in shares of Bank of Nova Scotia during the third quarter worth about $201,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Bank of Nova Scotia during the third quarter worth about $207,000. 49.54% of the stock is owned by institutional investors and hedge funds.
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Bank of Nova Scotia Company Profile
The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.
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