Yahoo Finance Bank of Nova Scotia (BNS) Dips More Than Broader Markets: What You Should Know
Bank of Nova Scotia (BNS) closed at $54.16 in the latest trading session, marking a -1.06% move from the prior day. This move lagged the S&P 500's daily loss of 0.61%. Meanwhile, the Dow lost 0.1%, and the Nasdaq, a tech-heavy index, lost 0.67%.
Heading into today, shares of the bank had gained 9.52% over the past month, outpacing the Finance sector's gain of 8.01% and the S&P 500's gain of 8.32% 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 $1.53 per share. This would mark a year-over-year decline of 10%.
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 should also note any 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.26% higher. Bank of Nova Scotia is holding a Zacks Rank of #2 (Buy) right now.
In terms of valuation, Bank of Nova Scotia is currently trading at a Forward P/E ratio of 8.94. This valuation marks a premium compared to its industry's average Forward P/E of 8.12.
Also, we should mention that BNS has a PEG ratio of 2. 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. Banks - Foreign stocks are, on average, holding a PEG ratio of 0.92 based on yesterday's closing prices.
The Banks - Foreign industry is part of the Finance sector. This group has a Zacks Industry Rank of 9, 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Bank of Nova Scotia (The) (BNS) : Free Stock Analysis Report
