Zacks Investment Research upgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a hold rating to a buy rating in a report published on Tuesday. The firm currently has $89.00 price target on the bank’s stock.

According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “

Several other equities analysts have also commented on the stock. Canaccord Genuity upgraded shares of Bank of Montreal from a hold rating to a buy rating in a research note on Wednesday, August 29th. BMO Capital Markets upgraded shares of Bank of Montreal to a $78.97 rating in a research note on Wednesday, July 18th. Finally, Royal Bank of Canada upgraded shares of Bank of Montreal from a sector perform rating to an outperform rating and set a $120.00 price target on the stock in a research note on Wednesday, July 18th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Bank of Montreal has an average rating of Buy and an average price target of $101.40.

Shares of Bank of Montreal stock opened at $79.04 on Tuesday. The company has a market capitalization of $51.20 billion, a price-to-earnings ratio of 12.67, a P/E/G ratio of 1.40 and a beta of 1.09. Bank of Montreal has a 52 week low of $73.79 and a 52 week high of $84.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.16 and a current ratio of 1.16.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 28th. The bank reported $1.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.07. The company had revenue of $4.51 billion for the quarter, compared to analyst estimates of $4.45 billion. Bank of Montreal had a net margin of 16.17% and a return on equity of 14.75%. Analysts anticipate that Bank of Montreal will post 6.93 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.7386 per share. The ex-dividend date is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.74%. Bank of Montreal’s dividend payout ratio (DPR) is presently 47.28%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio grew its position in shares of Bank of Montreal by 254.9% during the third quarter. Strs Ohio now owns 624,600 shares of the bank’s stock worth $51,481,000 after acquiring an additional 448,600 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Bank of Montreal during the third quarter worth approximately $142,000. Baskin Financial Services Inc. grew its position in shares of Bank of Montreal by 6.2% during the third quarter. Baskin Financial Services Inc. now owns 22,894 shares of the bank’s stock worth $1,887,000 after acquiring an additional 1,337 shares during the last quarter. Aperio Group LLC grew its position in shares of Bank of Montreal by 3.4% during the third quarter. Aperio Group LLC now owns 418,639 shares of the bank’s stock worth $34,550,000 after acquiring an additional 13,866 shares during the last quarter. Finally, Clearwater Capital Advisors LLC purchased a new position in shares of Bank of Montreal during the third quarter worth approximately $202,000. Institutional investors and hedge funds own 43.15% of the company’s stock.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.

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