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Bank of Nova Scotia (BNS) Dips More Than Broader Markets: What You Should Know
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Bank of Nova Scotia (BNS - Free Report) closed at $55.44 in the latest trading session, marking a -0.23% move from the prior day. This change lagged the S&P 500's 0.03% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, added 3.16%.
Prior to today's trading, shares of the bank had gained 7.59% over the past month. This has outpaced the Finance sector's gain of 2.23% and the S&P 500's gain of 3.6% in that time.
Wall Street will be looking for positivity from Bank of Nova Scotia as it approaches its next earnings report date. This is expected to be February 28, 2023. In that report, analysts expect Bank of Nova Scotia to post earnings of $1.52 per share. This would mark a year-over-year decline of 10.59%.
BNS's full-year Zacks Consensus Estimates are calling for earnings of $6.12 per share and revenue of $24.59 billion. These results would represent year-over-year changes of -7.27% and +0.72%, respectively.
Investors might also notice recent changes to analyst estimates for Bank of Nova Scotia. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Bank of Nova Scotia is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Bank of Nova Scotia has a Forward P/E ratio of 9.08 right now. This represents a premium compared to its industry's average Forward P/E of 8.14.
We can also see that BNS currently has a PEG ratio of 2.03. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Foreign industry currently had an average PEG ratio of 0.86 as of yesterday's close.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BNS in the coming trading sessions, be sure to utilize Zacks.com.
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Bank of Nova Scotia (BNS) Dips More Than Broader Markets: What You Should Know
Bank of Nova Scotia (BNS - Free Report) closed at $55.44 in the latest trading session, marking a -0.23% move from the prior day. This change lagged the S&P 500's 0.03% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, added 3.16%.
Prior to today's trading, shares of the bank had gained 7.59% over the past month. This has outpaced the Finance sector's gain of 2.23% and the S&P 500's gain of 3.6% in that time.
Wall Street will be looking for positivity from Bank of Nova Scotia as it approaches its next earnings report date. This is expected to be February 28, 2023. In that report, analysts expect Bank of Nova Scotia to post earnings of $1.52 per share. This would mark a year-over-year decline of 10.59%.
BNS's full-year Zacks Consensus Estimates are calling for earnings of $6.12 per share and revenue of $24.59 billion. These results would represent year-over-year changes of -7.27% and +0.72%, respectively.
Investors might also notice recent changes to analyst estimates for Bank of Nova Scotia. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Bank of Nova Scotia is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Bank of Nova Scotia has a Forward P/E ratio of 9.08 right now. This represents a premium compared to its industry's average Forward P/E of 8.14.
We can also see that BNS currently has a PEG ratio of 2.03. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Foreign industry currently had an average PEG ratio of 0.86 as of yesterday's close.
The Banks - Foreign industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BNS in the coming trading sessions, be sure to utilize Zacks.com.