Bank of Nova Scotia (The) (NYSE:BNS) Raises Dividend to C$1.14 Per Share

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) declared a quarterly dividend on Tuesday, December 2nd. Stockholders of record on Tuesday, July 7th will be paid a dividend of 1.14 per share by the bank on Wednesday, July 29th. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Tuesday, July 7th. This is a 3.6% increase from Bank of Nova Scotia’s previous quarterly dividend of $1.10.

Bank of Nova Scotia has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 14 years. Bank of Nova Scotia has a dividend payout ratio of 59.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of Nova Scotia to earn $6.71 per share next year, which means the company should continue to be able to cover its $3.30 annual dividend with an expected future payout ratio of 49.2%.

Bank of Nova Scotia Stock Down 0.0%

BNS stock opened at $85.36 on Friday. Bank of Nova Scotia has a fifty-two week low of $54.31 and a fifty-two week high of $87.97. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $104.57 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.06 and a beta of 1.11. The business’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $76.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. Bank of Nova Scotia’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.52 earnings per share. On average, equities analysts anticipate that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on BNS. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Royal Bank Of Canada lifted their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research note on Thursday, May 28th. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.