Bank Of Montreal (BMO) Receives “Buy” Rating from Scotiabank
Scotiabank reissued their buy rating on shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) in a report issued on Wednesday morning. The brokerage currently has a $101.00 target price on the bank’s stock.
BMO has been the subject of a number of other research reports. Zacks Investment Research cut shares of Bank Of Montreal from a buy rating to a hold rating in a research report on Tuesday, May 2nd. Royal Bank Of Canada reduced their target price on shares of Bank Of Montreal to $108.00 and set a sector perform rating for the company in a research report on Thursday, May 25th. BidaskClub raised shares of Bank Of Montreal from a sell rating to a hold rating in a research report on Saturday, August 19th. Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a research report on Tuesday, July 18th. They issued a hold rating for the company. Finally, Barclays PLC raised shares of Bank Of Montreal from an underweight rating to an equal weight rating in a research report on Tuesday, May 23rd. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $97.20.
Shares of Bank Of Montreal (NYSE BMO) opened at 72.25 on Wednesday. The firm has a 50-day moving average of $74.50 and a 200-day moving average of $73.19. The company has a market capitalization of $48.88 billion, a P/E ratio of 11.21 and a beta of 1.03. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the Zacks’ consensus estimate of $1.57 by $0.04. Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The company had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period last year, the firm earned $1.94 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts expect that Bank Of Montreal will post $6.44 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be paid a dividend of $0.717 per share. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.87 annualized dividend and a yield of 3.97%. Bank Of Montreal’s payout ratio is presently 45.28%.
Bank Of Montreal declared that its Board of Directors has approved a stock buyback program on Friday, June 23rd that allows the company to buyback 4,000,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of BMO. State Street Corp increased its position in Bank Of Montreal by 85.2% in the fourth quarter. State Street Corp now owns 39,089 shares of the bank’s stock valued at $2,810,000 after buying an additional 17,977 shares in the last quarter. CGOV Asset Management increased its position in Bank Of Montreal by 13.1% in the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock valued at $857,000 after buying an additional 1,000 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Bank Of Montreal by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 16,728 shares of the bank’s stock valued at $1,251,000 after buying an additional 768 shares in the last quarter. First Midwest Bank Trust Division increased its position in Bank Of Montreal by 8.3% in the first quarter. First Midwest Bank Trust Division now owns 3,908 shares of the bank’s stock valued at $292,000 after buying an additional 300 shares in the last quarter. Finally, North Star Investment Management Corp. increased its position in Bank Of Montreal by 69.2% in the first quarter. North Star Investment Management Corp. now owns 6,724 shares of the bank’s stock valued at $503,000 after buying an additional 2,749 shares in the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.
About Bank Of Montreal
Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.
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