Bank of Montreal (NYSE:BMO) Receives Consensus “Moderate Buy” Recommendation From Brokerages
Bank of Montreal Stocks (NYSE: BMO – Get a rating) (TSE: BMO) received an average recommendation of “Hold” from the twelve research firms that cover the company, MarketBeat reports. Two equity research analysts rated the stock with a sell recommendation, one gave a hold recommendation and six gave the company a buy recommendation. The 12-month average target price among brokerages that have updated their coverage on the stock over the past year is $159.72.
Several research firms have published reports on BMO. Credit Suisse Group began covering Bank of Montreal in a research note on Friday, May 20. They issued an “outperformance” rating on the stock. BMO Capital Markets downgraded Bank of Montreal from a “buy” rating to a “reduce” rating and reduced its target price for the company from C$152.50 to C$150.50 in a research note Wednesday, August 31. Desjardins reduced its target price on Bank of Montreal from C$153.00 to C$150.00 in a Wednesday, August 31 research note. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31. Finally, TD Securities reduced its target price on Bank of Montreal from C$160.00 to C$155.00 and set a “buy” rating for the stock in a Thursday, May 26 research note. .
Bank of Montreal Institutional Trading
Institutional investors and hedge funds have recently changed their positions in the company. Tobam bought a new stake in shares of Bank of Montreal in the first quarter valued at around $128,000. Raymond James Financial Services Advisors Inc. increased its position in Bank of Montreal shares by 58.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 24,836 shares of the bank worth $2,930,000 after buying 9,150 more shares last quarter. Foster Group Inc. bought 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 Bank of Montreal shares by 12.8% during the first quarter. Barometer Capital Management Inc. now owns 200,403 shares of the bank worth $29,201,000 after buying an additional 22,776 shares last quarter. Finally, Norges Bank acquired a new stake in shares of Bank of Montreal during the fourth quarter worth approximately $666,860,000. 42.52% of the shares are currently held by hedge funds and other institutional investors.
Bank of Montreal shares up 3.0%
NYSE: BMO opened at $97.84 on Monday. Bank of Montreal has a 12-month low of $90.41 and a 12-month high of $122.77. The company has a market capitalization of $66.00 billion, a price-to-earnings ratio of 7.41, a growth price-to-earnings 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 ratio of 0.12.
Bank of Montreal (NYSE: BMO – Get a rating) (TSE:BMO) last released its results on Tuesday, August 30. The bank reported earnings per share of $3.09 for the quarter, beating the consensus estimate of $2.46 by $0.63. The company posted revenue of $6.10 billion in the quarter, versus a 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 company’s revenue for the quarter was down 19.3% from the same quarter last year. During the same period last year, the company earned earnings per share of $2.80. Analysts expect Bank of Montreal to post EPS of 10.31 for the current year.
Bank of Montreal increases its dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, November 28. Shareholders of record on Tuesday, November 1 will receive a dividend of $1,086. The ex-date of this dividend is Monday, October 31. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08. This represents a dividend of $4.34 on an annualized basis and a yield of 4.44%. Bank of Montreal’s payout ratio is currently 32.93%.
Bank of Montreal Corporate Profile
Bank of Montreal offers diversified financial services primarily in North America. The Company’s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial advisory and investment services; and commercial banking products and services include business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialty banking programs, cash and payment and risk management products for small business and commercial banking customers.
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