Shares of Bank of Montreal (NYSE: BMO) (TSE: BMO) have been assigned an average recommendation of “Hold” from the twelve research firms that are covering the firm, Bloomberg reports. In addition, two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, and six have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $159.72.Several research firms have issued reports on BMO. Credit Suisse Group began coverage of Bank of Montreal in a research note on Friday, May 20th.
They issued an “outperform” rating on the stock. BMO Capital Markets lowered Bank of Montreal from a “buy” rating to a “reduce” rating and cut their target price for the company from C$152.50 to C$150.50 in a research note on Wednesday, August 31st. Desjardins cut their target price on Bank of Montreal from C$153.00 to C$150.00 in a research note on Wednesday, August 31st. StockNews.com lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Finally, TD Securities cut their target price on Bank of Montreal from C$160.00 to C$155.00 and set a “buy” rating on the stock in a research note on Thursday, May 26th.Institutional investors and hedge funds have recently made changes to their positions in the business. Tobam purchased a new stake in shares of Bank of Montreal in the first quarter, valued at approximately $128,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Bank of Montreal by 58.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 24,836 shares of the bank’s stock worth $2,930,000 after purchasing an additional 9,150 shares in the last quarter.
Foster Group Inc. purchased a new stake in shares of Bank of Montreal during the first quarter worth approximately $201,000. Barometer Capital Management Inc. increased its position in shares of Bank of Montreal by 12.8% during the first quarter. Barometer Capital Management Inc. now owns 200,403 shares of the bank’s stock worth $29,201,000 after purchasing an additional 22,776 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Bank of Montreal during the fourth quarter worth approximately $666,860,000. Hedge funds and other institutional investors currently own 42.52% of the stock.NYSE: BMO opened at $97.84 on Monday. Bank of Montreal has a twelve month low of $90.41 and a twelve-month high of $122.77. The company has a market cap of $66.00 billion, a price-to-earnings ratio of 7.41, a price-to-earnings-growth ratio of 1.52, and a beta of 1.17. The stock has a fifty-day simple moving average of $97.80 and a 200-day simple moving average of $105.20. The company has a current ratio of 0.99, a quick ratio of 0.98, and a debt-to-equity ratio of 0.12.
Bank of Montreal (NYSE: BMO) (TSE: BMO) released its earnings results on Tuesday, August 30th. The bank reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.63. The business had revenue of $6.10 billion during the quarter, compared to the consensus estimate of $6.87 billion. Bank of Montreal had a return on equity of 16.07% and a net margin of 30.66%. The business’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same period last year, the company earned $2.80 earnings per share. Analysts anticipate that Bank of Montreal will post 10.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 28th. On Tuesday, November 1st, Shareholders of record will be issued a $1.086 dividend. The ex-dividend date of this dividend is Monday, October 31st.
This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08. This represents a $4.34 dividend on an annualized basis and a yield of 4.44%. Bank of Montreal’s payout ratio is presently 32.93%.
Bank of Montreal provides diversified financial services primarily in North America. The company’s banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advisory services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.