Scotiabank Reiterates Sector Perform Rating for Bank Of Montreal (BMO)
Bank Of Montreal (NYSE:BMO)‘s stock had its “sector perform” rating restated by research analysts at Scotiabank in a research note issued to investors on Wednesday. They currently have a $86.00 price target on the stock, down from their prior price target of $89.00. Scotiabank’s price objective would suggest a potential upside of 35.16% from the stock’s current price.
Other analysts also recently issued research reports about the company. TD Securities reaffirmed a “hold” rating and issued a $89.00 price objective (up previously from $86.00) on shares of Bank Of Montreal in a research note on Thursday, August 25th. Dundee Securities reiterated a “neutral” rating and issued a $90.00 target price (down previously from $91.00) on shares of Bank Of Montreal in a report on Wednesday. Desjardins reiterated a “hold” rating and issued a $84.00 target price (up previously from $82.00) on shares of Bank Of Montreal in a report on Thursday, August 4th. Rafferty Capital Markets upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 9th. Finally, CIBC reiterated a “sector perform” rating on shares of Bank Of Montreal in a report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $83.89.
Bank Of Montreal (NYSE:BMO) opened at 63.63 on Wednesday. Bank Of Montreal has a 12-month low of $47.54 and a 12-month high of $67.69. The company has a market cap of $41.04 billion, a P/E ratio of 12.50 and a beta of 1.00. The firm has a 50-day moving average price of $65.62 and a 200-day moving average price of $63.95.
Bank Of Montreal (NYSE:BMO) last released its quarterly earnings data on Tuesday, August 23rd. The company reported $1.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.11. Bank Of Montreal had a return on equity of 12.66% and a net margin of 17.82%. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $1.86 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts forecast that Bank Of Montreal will post $5.50 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Tuesday, November 1st will be given a dividend of $0.6696 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.68 annualized dividend and a yield of 4.21%. The ex-dividend date is Friday, October 28th. Bank Of Montreal’s dividend payout ratio is currently 52.47%.
A number of hedge funds and other institutional investors have recently made changes to their positions in BMO. Bank of Montreal Can acquired a new position in shares of Bank Of Montreal during the second quarter valued at about $980,506,000. Capital Research Global Investors raised 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 valued at $807,426,000 after buying an additional 6,269,734 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Bank Of Montreal during the second quarter valued at about $201,621,000. Emerald Acquisition Ltd. acquired a new position in shares of Bank Of Montreal during the second quarter valued at about $121,542,000. Finally, Evercore Trust Company N.A. acquired a new position in shares of Bank Of Montreal during the second quarter valued at about $94,607,000. 48.03% of the stock is currently owned by institutional investors.
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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