Bank of Montreal (TSE:BMO) Rating Lowered to “Neutral” at Canadian Imperial Bank of Commerce

Bank of Montreal (TSE:BMO) (NYSE:BMO) was downgraded by stock analysts at Canadian Imperial Bank of Commerce from an “outperformer” rating to a “neutral” rating in a note issued to investors on Wednesday,BayStreet.CA reports. They currently have a C$272.00 price target on the bank’s stock, up from their prior price target of C$244.00. Canadian Imperial Bank of Commerce’s target price would suggest a potential upside of 11.48% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Barclays raised their price objective on Bank of Montreal from C$199.00 to C$203.00 and gave the company an “underweight” rating in a research note on Thursday, May 28th. Scotiabank upped their target price on Bank of Montreal from C$234.00 to C$239.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. TD increased their target price on Bank of Montreal from C$239.00 to C$263.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Desjardins raised their price target on shares of Bank of Montreal from C$230.00 to C$260.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Finally, Jefferies Financial Group lifted their price target on shares of Bank of Montreal from C$213.00 to C$225.00 and gave the stock a “hold” rating in a research note on Thursday, August 13th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Bank of Montreal presently has an average rating of “Hold” and a consensus price target of C$242.08.

Bank of Montreal Stock Performance

BMO traded down C$9.90 on Wednesday, reaching C$244.00. 1,060,280 shares of the company’s stock were exchanged, compared to its average volume of 2,464,733. Bank of Montreal has a twelve month low of C$155.92 and a twelve month high of C$259.20. The company’s 50 day moving average is C$249.31 and its 200-day moving average is C$218.61. The company has a market cap of C$170.90 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 0.71 and a beta of 1.22.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported C$3.67 EPS for the quarter. The company had revenue of C$9.57 billion for the quarter. Bank of Montreal had a return on equity of 11.25% and a net margin of 12.63%. Sell-side analysts forecast that Bank of Montreal will post 9.6514585 EPS for the current year.

Insider Activity at Bank of Montreal

In other news, Director William Darryl White sold 27,167 shares of Bank of Montreal stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of C$225.74, for a total transaction of C$6,132,678.58. Following the sale, the director owned 87,166 shares of the company’s stock, valued at approximately C$19,676,852.84. The trade was a 23.76% decrease in their ownership of the stock. Also, insider Mona Elizabeth Malone sold 4,517 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$244.61, for a total value of C$1,104,903.37. Following the transaction, the insider owned 1,758 shares of the company’s stock, valued at C$430,024.38. This trade represents a 71.98% decrease in their position. Insiders have sold a total of 45,004 shares of company stock worth $10,339,904 in the last ninety days. 0.03% of the stock is owned by insiders.

Bank of Montreal Company Profile

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.