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Bank of Nova Scotia (BNS) Stock Jumps 6.2%: Will It Continue to Soar?
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Bank of Nova Scotia (BNS - Free Report) shares rallied 6.2% in the last trading session to close at $51.81. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.4% gain over the past four weeks.
The performance of banks is expected improve on higher rates and decent loan demand. With better-than-expected October inflation numbers in the United States, the market participants are now expecting a less aggressive monetary policy from the Federal Reserve. This, thus, led to bullish investor sentiments, which drove Bank of Nova Scotia stock higher.
This bank is expected to post quarterly earnings of $1.54 per share in its upcoming report, which represents a year-over-year change of -7.2%. Revenues are expected to be $6.21 billion, up 1.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Bank of Nova Scotia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BNS going forward to see if this recent jump can turn into more strength down the road.
Bank of Nova Scotia is a member of the Zacks Banks - Foreign industry. One other stock in the same industry, Banco Santander-Brazil (BSBR - Free Report) , finished the last trading session 7.7% lower at $5.16. BSBR has returned -1.9% over the past month.
Banco Santander-Brazil's consensus EPS estimate for the upcoming report has changed -18% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +100%. Banco Santander-Brazil currently boasts a Zacks Rank of #4 (Sell).
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Bank of Nova Scotia (BNS) Stock Jumps 6.2%: Will It Continue to Soar?
Bank of Nova Scotia (BNS - Free Report) shares rallied 6.2% in the last trading session to close at $51.81. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.4% gain over the past four weeks.
The performance of banks is expected improve on higher rates and decent loan demand. With better-than-expected October inflation numbers in the United States, the market participants are now expecting a less aggressive monetary policy from the Federal Reserve. This, thus, led to bullish investor sentiments, which drove Bank of Nova Scotia stock higher.
This bank is expected to post quarterly earnings of $1.54 per share in its upcoming report, which represents a year-over-year change of -7.2%. Revenues are expected to be $6.21 billion, up 1.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Bank of Nova Scotia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BNS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Bank of Nova Scotia is a member of the Zacks Banks - Foreign industry. One other stock in the same industry, Banco Santander-Brazil (BSBR - Free Report) , finished the last trading session 7.7% lower at $5.16. BSBR has returned -1.9% over the past month.
Banco Santander-Brazil's consensus EPS estimate for the upcoming report has changed -18% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +100%. Banco Santander-Brazil currently boasts a Zacks Rank of #4 (Sell).