The Bank of Nova Scotia (BNS) expanding its growth trajectory ahead

The Bank of Nova Scotia (NYSE: BNS) stock fell -0.77% on Friday to $51.82 against a previous-day closing price of $52.22. With 1.27 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.44 million shares. During the session, the Banks – Diversified company that operates in wider Financial sector, reached to the highest price of $52.54 whereas the lowest price it dropped to was $51.72. The 52-week range on BNS shows that it touched its highest point at $74.86 and its lowest point at $52.21 during that stretch. It currently has a 1-year price target of $63.56. With its current market cap of 63.08 billion, BNS has annualized dividend of $3.18 while the current yield stands at 6.14%. Beta for the stock currently stands at 0.95.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of BNS was down-trending over the past week, with a drop of -3.89%, but this was down by -12.30% over a month. Three-month performance dropped to -10.99% while six-month performance fell -28.40%. The stock lost -14.26% in the past year, while it has lost -27.72% so far this year. A look at the trailing 12-month EPS for BNS yields 6.31 with Next year EPS estimates of 8.48. For the next quarter, that number is 2.04. This implies an EPS growth rate of 45.30% for this year and 0.18% for next year. EPS is expected to grow by 4.15% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 6.00%.

Float and Shares Shorts:

At present, 1.20 billion BNS shares are outstanding with a float of 1.18 billion shares on hand for trading. On Jul 14, 2022, short shares totaled 36.45 million, which was 3.05% higher than short shares on Jun 14, 2022. In addition to Mr. Brian Johnston Porter A.M.P., B.Com. as the firm’s Pres, CEO & Director, Mr. Rajagopal Viswanathan serves as its Group Head & CFO.

Institutional Ownership:

Through their ownership of 52.22% of BNS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 28.47% of BNS, in contrast to 19.90% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in BNS with 6.96% of the stake, RBC Global Asset Management, Inc. holds 83,711,573 shares worth 83,711,573. A second-largest stockholder of BNS, TD Asset Management, Inc., holds 39,058,680 shares, controlling over 3.25% of the firm’s shares. BMO Asset Management, Inc. is the third largest shareholder in BNS, holding 31,272,574 shares or 2.60% stake. With a 1.32% stake in BNS, the Vanguard Total International Stoc is the largest stakeholder. A total of 15,842,916 shares are owned by the mutual fund manager. The RBC Canadian Dividend Fund, which owns about 0.97% of BNS stock, is the second-largest Mutual Fund holder. It holds 11,709,373 shares valued at 647.41 million. Government Pension Fund – Global holds 0.86% of the stake in BNS, owning 10,342,092 shares worth 571.81 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for BNS since 6 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 4 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 1 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With BNS analysts setting a high price target of $67.00 and a low target of $61.55, the average target price over the next 12 months is $64.28. Based on these targets, BNS could surge 29.29% to reach the target high and rise by 18.78% to reach the target low. Reaching the average price target will result in a growth of 24.04% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. BNS will report FY 2022 earnings on 11/29/2022. Analysts have provided yearly estimates in a range of $6.58 being high and $6.34 being low. For BNS, this leads to a yearly average estimate of $6.49. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. The Bank of Nova Scotia surprised analysts by -$0.01 when it reported $1.62 EPS against a consensus estimate of $1.64. The surprise factor in the prior quarter was $0.18. Based on analyst estimates, the high estimate for the next quarter is $1.62 and the low estimate is $1.37. The average estimate for the next quarter is thus $1.57.

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