Cormark's Q4 Earnings Forecast for Bank of Nova Scotia

Investment analysts at Cormark recently provided their estimates for the Bank of Nova Scotia's (NYSE:BNS) Q4 earnings in a report released on November 25th. Analyst L. Persaud projects the bank's earnings per share (EPS) to be $1.17 for the quarter. The broader market's consensus estimate for the bank's earnings for the current full fiscal year is $4.53 per share. Additionally, for fiscal year 2025, Cormark estimates the bank's EPS at $5.08.

The Bank of Nova Scotia last disclosed its quarterly earnings results on August 27th. During that quarter, the bank achieved an EPS of $1.63, which was slightly above the consensus estimate of $1.62, exceeding it by $0.01. The bank recorded a return on equity of 11.14% and a net margin of 9.84%. The total revenue for the quarter was reported at $8.36 billion, while analysts had anticipated $8.53 billion. This figure marked a 3.7% increase compared to the same quarter in the previous year, when the bank reported an EPS of $1.30.

Recent evaluations from other research analysts also reflect interest in the bank's stock. For instance, Canaccord Genuity Group upgraded Bank of Nova Scotia from "hold" to "buy" on November 19th. Similarly, on November 18th, UBS Group also upgraded the bank from a "neutral" to a "buy" rating. Furthermore, Cibc World Markets raised their rating from "hold" to a "strong-buy" as of September 20th. Overall, there is mixed sentiment among analysts; one has issued a sell rating, three maintain a hold, five have a buy rating, and one is rated as a strong buy. According to data from MarketBeat, the overall consensus rating for the bank stands at "Moderate Buy" with an average target price of $69.00.

Current Stock Performance

The Bank of Nova Scotia shares saw a slight decrease of 0.6%, opening at $56.22 on a Wednesday. As of now, the company's 50-day moving average is $53.57, and its 200-day moving average stands at $49.55. Over the past year, the bank's stock reached a low of $41.80 and a high of $56.79. Currently, the bank's market capitalization is approximately $69.96 billion, with a price-to-earnings (P/E) ratio of 13.45 and a price-to-earnings-growth (PEG) ratio of 1.52. The bank's current ratio is at 1.02, quick ratio also at 1.02, and its debt-to-equity ratio is 0.61.

Institutional Trading Activity

There have been notable movements among institutional investors regarding Bank of Nova Scotia's shares. For example, Toronto Dominion Bank increased its stake by 9.6% during the third quarter, amassing 24,990,868 shares valued at around $1.36 billion after acquiring an additional 2,195,604 shares. Similarly, Mackenzie Financial Corp raised its holdings by 4.7% in the second quarter, bringing its total to 15,091,880 shares worth approximately $690 million. Meanwhile, the Healthcare of Ontario Pension Plan Trust Fund boosted its stake by 24.9% in the third quarter, now owning 11,757,961 shares valued at $640.62 million. CIBC Asset Management also increased its stake by 2.4% in the same period, holding 10,074,518 shares worth about $550.73 million. Overall, about 49.13% of Bank of Nova Scotia's shares are held by hedge funds and institutional investors.

About Bank of Nova Scotia

The Bank of Nova Scotia, also known as Scotiabank, offers a wide range of banking products and services both domestically and internationally. Its operations span across Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America, divided into several segments including Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

Earnings, Forecast, Analyst