Yahoo Finance Bank of Nova Scotia (BNS) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Bank of Nova Scotia (BNS) closed at $52.67, marking a -0.23% move from the previous day. This change lagged the S&P 500's daily gain of 0.53%. Meanwhile, the Dow gained 0.33%, and the Nasdaq, a tech-heavy index, lost 5.2%.
Coming into today, shares of the bank had gained 0.8% in the past month. In that same time, the Finance sector gained 0.05%, while the S&P 500 gained 0.67%.
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. On that day, Bank of Nova Scotia is projected to report earnings of $1.52 per share, which would represent a year-over-year decline of 10.59%.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.11 per share and revenue of $24.59 billion, which would represent changes of -7.42% and +0.72%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Bank of Nova Scotia. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate has moved 0.13% higher within the past month. Bank of Nova Scotia is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Bank of Nova Scotia's current valuation metrics, including its Forward P/E ratio of 8.63. For comparison, its industry has an average Forward P/E of 8.29, which means Bank of Nova Scotia is trading at a premium to the group.
Investors should also note that BNS has a PEG ratio of 1.99 right now. 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 0.88 as of yesterday's close.
The Banks - Foreign industry is part of the Finance sector. This group has a Zacks Industry Rank of 11, putting it in the top 5% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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 (The) (BNS) : Free Stock Analysis Report
