The Bank of Nova Scotia (NYSE:BNS) Plans $0.78 Quarterly Dividend
The Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) announced a quarterly dividend on Wednesday, November 29th, Wall Street Journal reports. Shareholders of record on Wednesday, January 3rd will be given a dividend of 0.7773 per share by the bank on Monday, January 29th. This represents a $3.11 dividend on an annualized basis and a yield of 7.08%. The ex-dividend date is Tuesday, January 2nd.
Bank of Nova Scotia has raised its dividend payment by an average of 16.3% annually over the last three years. Bank of Nova Scotia has a dividend payout ratio of 62.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of Nova Scotia to earn $5.20 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 60.4%.
Bank of Nova Scotia Stock Performance
NYSE:BNS traded up $1.54 during trading hours on Wednesday, reaching $43.94. The company had a trading volume of 2,585,943 shares, compared to its average volume of 1,465,118. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. Bank of Nova Scotia has a 52 week low of $39.79 and a 52 week high of $55.91. The firm has a market cap of $53.34 billion, a price-to-earnings ratio of 8.94, a PEG ratio of 2.09 and a beta of 1.02. The firm’s 50 day moving average price is $43.48 and its 200-day moving average price is $46.79.
Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last posted its earnings results on Tuesday, November 28th. The bank reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.28). Bank of Nova Scotia had a return on equity of 13.31% and a net margin of 12.25%. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $5.98 billion. During the same period last year, the firm posted $1.55 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, analysts forecast that Bank of Nova Scotia will post 5.01 EPS for the current year.
Wall Street Analysts Forecast Growth
BNS has been the subject of a number of research analyst reports. Scotiabank cut their target price on shares of Bank of Nova Scotia from $68.00 to $66.00 and set a “hold” rating for the company in a research report on Wednesday, August 30th. Barclays lifted their target price on shares of Bank of Nova Scotia from $63.00 to $65.00 and gave the stock an “underweight” rating in a research report on Monday, August 21st. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. Finally, BMO Capital Markets cut their price objective on shares of Bank of Nova Scotia from $73.00 to $68.00 and set a “market perform” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $69.00.
View Our Latest Stock Analysis on BNS
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the company. Belpointe Asset Management LLC boosted its holdings in Bank of Nova Scotia by 1,225.9% in the 1st quarter. Belpointe Asset Management LLC now owns 1,843 shares of the bank’s stock worth $93,000 after buying an additional 1,704 shares during the period. Harbour Investments Inc. boosted its holdings in Bank of Nova Scotia by 10.2% in the 4th quarter. Harbour Investments Inc. now owns 2,115 shares of the bank’s stock worth $104,000 after buying an additional 195 shares during the period. Power Corp of Canada bought a new position in Bank of Nova Scotia in the 1st quarter worth $237,000. EHP Funds Inc. bought a new position in Bank of Nova Scotia in the 1st quarter worth $258,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Bank of Nova Scotia in the 1st quarter worth $271,000. Institutional investors own 43.18% of the company’s stock.
About Bank of Nova Scotia (Get Free Report)
The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.
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Original: MarketBeat News Feed: The Bank of Nova Scotia (NYSE:BNS) Plans $0.78 Quarterly Dividend