Royal Bank of Canada reiterated their market perform rating on shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in a report published on Wednesday morning, The Fly reports.
Several other research firms also recently commented on BMO. BMO Capital Markets lifted their price objective on Bank of Montreal from $83.00 to $87.00 and gave the stock a sector perform rating in a report on Wednesday, November 18th. Bank of America upgraded Bank of Montreal to a neutral rating and set a $88.00 price objective for the company in a report on Tuesday, October 6th. Desjardins reiterated a hold rating on shares of Bank of Montreal in a report on Monday, August 10th. Zacks Investment Research upgraded Bank of Montreal from a hold rating to a buy rating and set a $80.00 price objective for the company in a report on Monday, November 23rd. Finally, ValuEngine upgraded Bank of Montreal from a sell rating to a hold rating in a report on Wednesday, November 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $83.90.
Shares of NYSE BMO opened at $75.32 on Wednesday. Bank of Montreal has a one year low of $38.31 and a one year high of $79.93. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.98. The firm’s 50 day simple moving average is $65.89 and its two-hundred day simple moving average is $58.57. The stock has a market capitalization of $47.02 billion, a P/E ratio of 13.38, a PEG ratio of 2.52 and a beta of 1.29.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Monday, November 30th. The bank reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.50. Bank of Montreal had a return on equity of 10.93% and a net margin of 12.98%. The firm had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period last year, the company earned $2.43 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Bank of Montreal will post 6.11 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 26th. Investors of record on Monday, February 1st will be issued a $0.796 dividend. The ex-dividend date is Friday, January 29th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $0.79. This represents a $3.18 dividend on an annualized basis and a yield of 4.23%. Bank of Montreal’s dividend payout ratio (DPR) is 55.50%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank lifted its holdings in Bank of Montreal by 23.2% during the 2nd quarter. Toronto Dominion Bank now owns 12,800,613 shares of the bank’s stock worth $681,293,000 after buying an additional 2,408,969 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Bank of Montreal by 4.0% in the 2nd quarter. Great West Life Assurance Co. Can now owns 7,099,439 shares of the bank’s stock valued at $376,230,000 after purchasing an additional 275,950 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Bank of Montreal by 20.9% in the 3rd quarter. CIBC Asset Management Inc now owns 5,094,079 shares of the bank’s stock valued at $297,550,000 after purchasing an additional 881,752 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of Montreal by 2.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,080,270 shares of the bank’s stock valued at $179,918,000 after purchasing an additional 76,606 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Bank of Montreal by 16.8% in the 2nd quarter. FMR LLC now owns 3,080,019 shares of the bank’s stock valued at $163,938,000 after purchasing an additional 443,398 shares during the last quarter. 32.84% of the stock is owned by institutional investors.
About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, BMO Wealth Management, and BMO Capital Markets. The company’s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.
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