Cormark Weighs in on Scotiabank’s Q2 2018 Earnings (BNS)

Scotiabank (NYSE:BNS) (TSE:BNS) – Cormark increased their Q2 2018 earnings per share (EPS) estimates for shares of Scotiabank in a report issued on Monday, May 14th. Cormark analyst M. Grauman now expects that the bank will post earnings of $1.29 per share for the quarter, up from their previous estimate of $1.28. Cormark also issued estimates for Scotiabank’s Q4 2019 earnings at $1.54 EPS.

BNS has been the topic of a number of other reports. ValuEngine downgraded shares of Scotiabank from a “buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. Zacks Investment Research upgraded shares of Scotiabank from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Scotiabank presently has a consensus rating of “Buy” and a consensus price target of $85.80.

BNS stock opened at $62.95 on Thursday. Scotiabank has a 52 week low of $62.61 and a 52 week high of $62.89. The stock has a market cap of $74.98 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.05.

Scotiabank (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, February 27th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.07. Scotiabank had a net margin of 22.69% and a return on equity of 14.78%. The company had revenue of $7.09 billion for the quarter, compared to the consensus estimate of $7.01 billion. During the same period in the previous year, the firm earned $1.57 EPS. Scotiabank’s revenue was up 3.2% on a year-over-year basis.

Several hedge funds have recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI raised its holdings in shares of Scotiabank by 320.4% in the 4th quarter. Arcadia Investment Management Corp MI now owns 1,955 shares of the bank’s stock worth $126,000 after purchasing an additional 1,490 shares in the last quarter. Elkfork Partners LLC bought a new stake in shares of Scotiabank in the 4th quarter worth approximately $168,000. Huntington National Bank raised its holdings in shares of Scotiabank by 69.8% in the 4th quarter. Huntington National Bank now owns 2,649 shares of the bank’s stock worth $171,000 after purchasing an additional 1,089 shares in the last quarter. London Co. of Virginia bought a new stake in shares of Scotiabank in the 4th quarter worth approximately $200,000. Finally, Partnervest Advisory Services LLC bought a new stake in shares of Scotiabank in the 4th quarter worth approximately $201,000. Institutional investors own 47.37% of the company’s stock.

Scotiabank announced that its board has approved a share repurchase program on Monday, February 12th that allows the company to repurchase outstanding shares. This repurchase authorization allows the bank to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 26th. Shareholders of record on Tuesday, April 3rd were given a dividend of $0.6454 per share. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.10%. This is an increase from Scotiabank’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, April 2nd. Scotiabank’s payout ratio is 48.47%.

About Scotiabank

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

Earnings History and Estimates for Scotiabank (NYSE:BNS)

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