Dundee Securities Initiates Coverage on Bank Of Montreal (BMO)
Investment analysts at Dundee Securities started coverage on shares of Bank Of Montreal (NYSE:BMO) in a report issued on Wednesday. The firm set a “neutral” rating on the stock.
A number of other brokerages have also recently commented on BMO. Rafferty Capital Markets upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 9th. Zacks Investment Research cut shares of Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. RBC Capital Markets restated a “sector perform” rating and set a $88.00 price objective (up from $84.00) on shares of Bank Of Montreal in a research report on Thursday, August 25th. National Bank Financial restated a “sector perform” rating and set a $88.00 price objective (up from $84.00) on shares of Bank Of Montreal in a research report on Thursday, August 25th. Finally, Royal Bank Of Canada raised their price objective on shares of Bank Of Montreal from $84.00 to $88.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $83.67.
Shares of Bank Of Montreal (NYSE:BMO) opened at 66.15 on Wednesday. Bank Of Montreal has a 12 month low of $47.54 and a 12 month high of $67.69. The stock has a 50 day moving average of $65.45 and a 200 day moving average of $63.54. The stock has a market cap of $42.67 billion, a PE ratio of 12.96 and a beta of 1.04.
Bank Of Montreal (NYSE:BMO) last issued its earnings results on Tuesday, August 23rd. The company reported $1.94 EPS for the quarter, beating the Zacks’ consensus estimate of $1.83 by $0.11. The business earned $5.63 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Bank Of Montreal had a net margin of 17.82% and a return on equity of 12.66%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.86 earnings per share. On average, equities analysts anticipate that Bank Of Montreal will post $5.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Stockholders of record on Tuesday, November 1st will be paid a $0.6696 dividend. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Friday, October 28th. This represents a $2.68 annualized dividend and a dividend yield of 4.05%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 52.47%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new position in Bank Of Montreal during the second quarter valued at approximately $980,506,000. Capital Research Global Investors increased its position in shares of Bank Of Montreal by 97.1% in the second quarter. Capital Research Global Investors now owns 12,729,160 shares of the company’s stock worth $807,426,000 after buying an additional 6,269,734 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Bank Of Montreal during the second quarter worth about $201,621,000. Emerald Acquisition Ltd. purchased a new position in shares of Bank Of Montreal during the second quarter worth about $121,542,000. Finally, Evercore Trust Company N.A. purchased a new position in shares of Bank Of Montreal during the second quarter worth about $94,607,000. 48.03% of the stock is owned by institutional investors and hedge funds.
About Bank Of Montreal
Bank of Montreal (BMO) is a financial services company. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank’s operating groups include Personal and Commercial Banking, Wealth Management, BMO Capital Markets (BMO CM) and Corporate Services, including Technology and Operations.
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