Desjardins Analysts Raise Earnings Estimates for Bank Of Montreal (BMO)
Bank Of Montreal (NYSE:BMO) (TSE:BMO) – Stock analysts at Desjardins increased their FY2017 earnings estimates for Bank Of Montreal in a research note issued on Tuesday. Desjardins analyst D. Young now forecasts that the bank will earn $6.42 per share for the year, up from their previous estimate of $6.30. Desjardins also issued estimates for Bank Of Montreal’s FY2018 earnings at $6.72 EPS.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the consensus estimate of $1.57 by $0.04. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The company had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same period in the prior year, the business posted $1.94 EPS. Bank Of Montreal’s revenue for the quarter was down 3.1% compared to the same quarter last year.
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A number of other research firms have also issued reports on BMO. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Tuesday, July 18th. Canaccord Genuity began coverage on Bank Of Montreal in a research note on Tuesday, July 18th. They issued a “hold” rating on the stock. BidaskClub lowered Bank Of Montreal from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Scotiabank reaffirmed a “buy” rating and issued a $101.00 target price on shares of Bank Of Montreal in a research note on Wednesday. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Bank Of Montreal currently has a consensus rating of “Hold” and a consensus target price of $97.20.
Shares of Bank Of Montreal (NYSE BMO) opened at 71.79 on Thursday. Bank Of Montreal has a 12-month low of $62.32 and a 12-month high of $78.00. The firm has a market cap of $48.57 billion, a PE ratio of 11.14 and a beta of 1.02. The company has a 50 day moving average price of $74.61 and a 200 day moving average price of $73.22.
Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Bank Of Montreal by 85.2% in the fourth quarter. State Street Corp now owns 39,089 shares of the bank’s stock worth $2,810,000 after buying an additional 17,977 shares in the last quarter. CGOV Asset Management raised its position in shares of Bank Of Montreal by 13.1% in the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock worth $857,000 after buying an additional 1,000 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Bank Of Montreal by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 16,728 shares of the bank’s stock worth $1,251,000 after buying an additional 768 shares in the last quarter. First Midwest Bank Trust Division raised its position in shares of 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 worth $292,000 after buying an additional 300 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of 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 worth $503,000 after buying an additional 2,749 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors.
Bank Of Montreal declared that its Board of Directors has authorized a share repurchase program on Friday, June 23rd that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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 paid a dividend of $0.717 per share. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Tuesday, October 31st. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. Bank Of Montreal’s dividend payout ratio is currently 45.28%.
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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