Bank Of Montreal (BMO) Receives Buy Rating from Scotiabank
Scotiabank reaffirmed their buy rating on shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) in a research note released on Wednesday. Scotiabank currently has a $101.00 price objective on the bank’s stock.
A number of other equities research analysts have also weighed in on BMO. BidaskClub raised shares of Bank Of Montreal from a sell rating to a hold rating in a report on Saturday, August 19th. Zacks Investment Research raised shares of Bank Of Montreal from a sell rating to a hold rating in a report on Tuesday, June 20th. Barclays PLC raised shares of Bank Of Montreal from an underweight rating to an equal weight rating in a report on Tuesday, May 23rd. Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a report on Tuesday, July 18th. They set a hold rating on the stock. Finally, Citigroup Inc. raised shares of Bank Of Montreal from a neutral rating to a buy rating in a report on Thursday, May 18th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $97.20.
Shares of Bank Of Montreal (NYSE:BMO) opened at 71.44 on Wednesday. The company’s 50-day moving average price is $74.90 and its 200-day moving average price is $73.32. The company has a market capitalization of $46.58 billion, a price-to-earnings ratio of 11.40 and a beta of 1.02. 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 results on Tuesday, August 29th. The bank reported $1.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by $0.04. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. Bank Of Montreal’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 earnings per share. On average, equities research analysts predict that Bank Of Montreal will post $6.40 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be given a dividend of $0.717 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a yield of 4.01%. Bank Of Montreal’s payout ratio is currently 45.28%.
Bank Of Montreal declared that its board has initiated a share repurchase plan on Friday, June 23rd that allows the company to buyback 4,000,000 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hudock Capital Group LLC increased its position in Bank Of Montreal by 0.3% in the second quarter. Hudock Capital Group LLC now owns 2,593 shares of the bank’s stock worth $190,000 after buying an additional 9 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Bank Of Montreal by 1.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock worth $102,000 after buying an additional 15 shares during the period. Commerce Bank increased its position in shares of Bank Of Montreal by 1.2% in the first quarter. Commerce Bank now owns 3,244 shares of the bank’s stock worth $243,000 after buying an additional 37 shares during the period. Johnson Financial Group Inc. increased its position in shares of Bank Of Montreal by 0.3% in the first quarter. Johnson Financial Group Inc. now owns 21,732 shares of the bank’s stock worth $1,625,000 after buying an additional 55 shares during the period. Finally, Checchi Capital Advisers LLC increased its position in shares of Bank Of Montreal by 2.5% in the first quarter. Checchi Capital Advisers LLC now owns 2,920 shares of the bank’s stock worth $218,000 after buying an additional 70 shares during the period. Institutional investors own 42.55% of the company’s stock.
Bank Of Montreal Company Profile
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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