Yahoo Finance Bank of Nova Scotia (BNS) Stock Moves -1.05%: What You Should Know
In the latest trading session, Bank of Nova Scotia (BNS) closed at $54.46, marking a -1.05% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.11%. Meanwhile, the Dow lost 0.61%, and the Nasdaq, a tech-heavy index, lost 2.13%.
Heading into today, shares of the bank had gained 9.36% over the past month, outpacing the Finance sector's gain of 5.5% and the S&P 500's gain of 7% 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%.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $6.12 per share and revenue of $24.59 billion. These totals would mark changes of -7.27% and +0.72%, respectively, from last year.
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. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.2% higher. Bank of Nova Scotia is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Bank of Nova Scotia is currently trading at a Forward P/E ratio of 9. Its industry sports an average Forward P/E of 8.06, so we one might conclude that Bank of Nova Scotia is trading at a premium comparatively.
Also, we should mention that BNS has a PEG ratio of 2.01. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. BNS's industry had an average PEG ratio of 0.84 as of yesterday's close.
The Banks - Foreign industry is part of the Finance sector. This group has a Zacks Industry Rank of 10, putting 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Bank of Nova Scotia (The) (BNS) : Free Stock Analysis Report
