Shares of the Bank of Nova Scotia (TSE:BNS, NYSE:BNS) have received an average rating of “Hold” from twelve analysts currently covering the stock, according to a report by Marketbeat Ratings. The consensus reflects eight analysts recommending a hold position, while four suggest a buy.
The average one-year price target among these analysts is set at C$93.85. Several firms have recently adjusted their price targets for the bank, indicating a range of expectations. For instance, TD Securities increased its target from C$93.00 to C$99.00 on November 10, while Canaccord Genuity Group raised its target from C$98.00 to C$100.00 on December 3. Additionally, Jefferies Financial Group adjusted its price objective upwards from C$86.00 to C$96.00 on November 25.
On the same day, Raymond James Financial set a more ambitious target of C$108.00 with an “outperform” rating, and BMO Capital Markets increased its target from C$93.00 to C$98.00 on December 17.
Recent Financial Performance
The Bank of Nova Scotia reported its quarterly earnings on December 2, revealing earnings per share (EPS) of C$1.93 for the quarter. The bank displayed a net margin of 17.68% and a return on equity of 9.64%. Revenue for the quarter stood at C$9.77 billion. Analysts anticipate that the bank will achieve an EPS of approximately 7.13 for the current fiscal year.
In terms of dividends, the bank recently announced a quarterly dividend of C$1.10, which was paid on October 29. Investors who held shares on the record date received this dividend, with an ex-dividend date of October 7. The annualized dividend amounts to C$4.40, translating to a yield of 4.3%. The bank’s dividend payout ratio currently stands at 76.19%.
Insider Trading Activity
In related news, insider Julie Walsh sold 3,716 shares of the bank on December 15 at an average price of C$100.62. The total transaction value reached approximately C$373,903.92. Following this sale, Walsh retained 1,430 shares, now valued at around C$143,886.60, indicating a significant reduction of 72.21% in her position. Company insiders currently own 0.03% of the bank’s stock.
The Bank of Nova Scotia operates as a global financial services provider, structured into five key segments: Canadian banking, international banking, global wealth management, global banking and markets, and other services. The bank offers a diverse range of financial products, including personal and commercial banking, wealth management, corporate and investment banking, and capital markets. Its operations extend across numerous countries, with a significant focus on Central and South America.
Investors and analysts will continue to monitor the bank’s performance closely, particularly in light of recent adjustments in analyst ratings and insider trading activity.
