Cormark's Q4 Earnings Forecast for Bank of Nova Scotia (BNS)

The Bank of Nova Scotia (NYSE:BNS) has recently received earnings estimates for its fourth quarter of 2024 from investment analysts at Cormark. In a research report dated Monday, November 25th, the analysts predict that the bank will report earnings per share (EPS) of $1.17 for the upcoming quarter. This forecast sits alongside the consensus estimate for Bank of Nova Scotia's current full-year earnings, which stands at $4.53 per share. Additionally, Cormark analysts have projected earnings for the fiscal year 2025, estimating the EPS to reach $5.08.

On August 27th, Bank of Nova Scotia released its quarterly earnings results, demonstrating a performance of $1.63 EPS, surpassing analysts' expectations of $1.62 by a narrow margin of $0.01. During this quarter, the bank recorded a return on equity of 11.14% and a net margin of 9.84%. The total revenue for this quarter was reported at $8.36 billion, slightly below the analysts' consensus estimate of $8.53 billion. In comparison to the same quarter last year, the bank's EPS improved from $1.30, with quarterly revenue experiencing a growth of 3.7% year-on-year.

In addition to Cormark's insights, several other research firms have weighed in on Bank of Nova Scotia's stock. Canaccord Genuity Group recently upgraded its rating for the bank from a "hold" to a "buy" on November 19th. Earlier, on November 18th, UBS Group also elevated its rating from "neutral" to "buy." Additionally, CIBC World Markets changed its view from a "hold" to a "strong-buy" on September 20th. TD Securities followed suit, enhancing its rating from "hold" to "buy" on November 4th. Currently, one analyst rates the stock as a sell, three give it a hold rating, five have designated it a buy, and one has classified it as a strong buy. MarketBeat data indicates that the consensus rating for the stock is a "Moderate Buy," with an average target price set at $69.00.

Recent Trading Activity of Bank of Nova Scotia

As of Wednesday, shares of Bank of Nova Scotia (BNS) opened at $56.22. The stock's 50-day moving average is $53.57, while the 200-day moving average stands at $49.55. Over the past year, the bank's stock has fluctuated between a twelve-month low of $41.80 and a high of $56.79. The company has a market capitalization of $69.96 billion and a price-to-earnings (P/E) ratio of 13.45, with a price-to-earnings-growth (PEG) ratio of 1.52 and a beta of 1.05. Its liquidity ratios reflect a current ratio of 1.02, a quick ratio also of 1.02, and a debt-to-equity ratio of 0.61.

Institutional Ownership of Bank of Nova Scotia

Recent modifications by institutional investors have impacted Bank of Nova Scotia's stock holdings. Notably, Toronto Dominion Bank increased its stake by 9.6% in the third quarter, now holding approximately 24,990,868 shares valued at around $1.36 billion following the acquisition of an additional 2,195,604 shares. Mackenzie Financial Corp has also raised its position by 4.7%, owning 15,091,880 shares worth $690.44 million. Additionally, the Healthcare of Ontario Pension Plan Trust Fund grew its stakes by 24.9%, owning 11,757,961 shares valued at $640.62 million. Other institutions such as CIBC Asset Management have also increased their holdings. Currently, institutional investors collectively hold 49.13% of the bank's stock.

About the Bank of Nova Scotia

The Bank of Nova Scotia, also known as Scotiabank, is a leading financial institution that offers a range of banking products and services across several regions, including Canada, the U.S., and several countries in Latin America and the Caribbean. It operates through various segments, such as Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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