Bank Of Montreal (BMO) Sets New 1-Year High at $78.14
Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $78.14 and last traded at $78.11, with a volume of 256,873 shares. The stock had previously closed at $77.40.
Several equities analysts have recently commented on BMO shares. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, July 18th. Scotiabank restated a “buy” rating and issued a $101.00 price objective on shares of Bank Of Montreal in a report on Wednesday, August 30th. Canaccord Genuity set a $102.00 price objective on shares of Bank Of Montreal and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, BidaskClub lowered shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Bank Of Montreal currently has a consensus rating of “Hold” and a consensus price target of $99.00.
The stock has a 50 day moving average price of $74.94 and a 200-day moving average price of $73.04. The firm has a market cap of $50.57 billion, a P/E ratio of 11.65 and a beta of 1.04.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.04). The business had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.52 billion. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.94 earnings per share. Equities research analysts predict that Bank Of Montreal will post $6.40 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.717 per share. This represents a $2.87 dividend on an annualized basis and a yield of 3.68%. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. Bank Of Montreal’s payout ratio is 46.91%.
Bank Of Montreal declared that its Board of Directors has authorized a share repurchase plan on Friday, June 23rd that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hudock Capital Group LLC lifted its position in shares of Bank Of Montreal by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,593 shares of the bank’s stock worth $190,000 after purchasing an additional 9 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of Bank Of Montreal by 1.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock worth $102,000 after purchasing an additional 15 shares in the last quarter. Thompson Investment Management Inc. lifted its position in shares of Bank Of Montreal by 1.6% during the second quarter. Thompson Investment Management Inc. now owns 5,767 shares of the bank’s stock worth $424,000 after purchasing an additional 90 shares in the last quarter. Patten Group Inc. lifted its position in shares of Bank Of Montreal by 3.4% during the first quarter. Patten Group Inc. now owns 3,533 shares of the bank’s stock worth $264,000 after purchasing an additional 115 shares in the last quarter. Finally, Nwam LLC lifted its position in shares of Bank Of Montreal by 2.2% during the second quarter. Nwam LLC now owns 7,050 shares of the bank’s stock worth $518,000 after purchasing an additional 153 shares in the last quarter. 42.74% of the stock is currently owned by institutional investors and hedge funds.
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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