Scotiabank (NYSE:BNS) (TSE:BNS) – Cormark raised their FY2018 earnings estimates for Scotiabank in a research note issued on Monday, May 14th. Cormark analyst M. Grauman now anticipates that the bank will post earnings per share of $5.50 for the year, up from their prior forecast of $5.47. Cormark also issued estimates for Scotiabank’s Q2 2019 earnings at $1.44 EPS and FY2019 earnings at $5.92 EPS.
BNS has been the subject of a number of other reports. ValuEngine downgraded shares of Scotiabank from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Zacks Investment Research raised shares of Scotiabank from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $85.80.
Scotiabank (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, February 27th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.07. The company had revenue of $7.09 billion during the quarter, compared to the consensus estimate of $7.01 billion. Scotiabank had a net margin of 22.69% and a return on equity of 14.78%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.57 EPS.
Scotiabank declared that its Board of Directors has initiated a stock repurchase plan on Monday, February 12th that permits the company to buyback shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, April 26th. Investors of record on Tuesday, April 3rd were issued a dividend of $0.6454 per share. This is an increase from Scotiabank’s previous quarterly dividend of $0.62. This represents a $2.58 annualized dividend and a yield of 4.10%. The ex-dividend date was Monday, April 2nd. Scotiabank’s dividend payout ratio (DPR) is currently 48.47%.
Hedge funds have recently made changes to their positions in the stock. Arcadia Investment Management Corp MI lifted its holdings in Scotiabank by 320.4% during the 4th quarter. Arcadia Investment Management Corp MI now owns 1,955 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,490 shares during the last quarter. Pinebridge Investments L.P. bought a new position in Scotiabank during the 4th quarter valued at about $204,000. Elkfork Partners LLC bought a new position in Scotiabank during the 4th quarter valued at about $168,000. Huntington National Bank lifted its holdings in Scotiabank by 69.8% during the 4th quarter. Huntington National Bank now owns 2,649 shares of the bank’s stock valued at $171,000 after purchasing an additional 1,089 shares during the last quarter. Finally, London Co. of Virginia bought a new position in Scotiabank during the 4th quarter valued at about $200,000. 47.37% of the stock is owned by hedge funds and other institutional investors.
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.
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