Bank of Montreal (NYSE:BMO) Forecasted to Post Q2 2024 Earnings of $2.04 Per Share

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Research analysts at Cormark issued their Q2 2024 earnings estimates for Bank of Montreal in a research note issued to investors on Wednesday, May 22nd. Cormark analyst L. Persaud forecasts that the bank will post earnings per share of $2.04 for the quarter. The consensus estimate for Bank of Montreal’s current full-year earnings is $8.31 per share.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, February 27th. The bank reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.34). Bank of Montreal had a return on equity of 11.89% and a net margin of 7.40%. The business had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $6.34 billion.

A number of other equities analysts have also commented on BMO. Barclays assumed coverage on shares of Bank of Montreal in a research report on Wednesday, March 20th. They issued an “overweight” rating for the company. StockNews.com raised shares of Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Sunday, March 3rd. Finally, Jefferies Financial Group began coverage on shares of Bank of Montreal in a research note on Thursday, February 22nd. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $131.00.

Bank of Montreal Price Performance

BMO stock opened at $94.55 on Friday. The firm has a 50 day moving average of $94.11 and a 200-day moving average of $92.06. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. Bank of Montreal has a 12 month low of $73.98 and a 12 month high of $100.12. The firm has a market capitalization of $68.95 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 2.37 and a beta of 1.13.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, April 29th will be paid a dividend of $1.1172 per share. The ex-dividend date is Friday, April 26th. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.11. This represents a $4.47 annualized dividend and a dividend yield of 4.73%. Bank of Montreal’s dividend payout ratio (DPR) is 85.31%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of Bank of Montreal by 192.1% in the third quarter. EverSource Wealth Advisors LLC now owns 333 shares of the bank’s stock worth $28,000 after buying an additional 219 shares during the period. Principal Securities Inc. purchased a new position in shares of Bank of Montreal in the fourth quarter worth $33,000. Cullen Frost Bankers Inc. boosted its holdings in Bank of Montreal by 3,375.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 417 shares of the bank’s stock valued at $41,000 after acquiring an additional 405 shares in the last quarter. Headlands Technologies LLC bought a new stake in Bank of Montreal in the fourth quarter valued at $44,000. Finally, IAG Wealth Partners LLC boosted its holdings in Bank of Montreal by 117.5% in the fourth quarter. IAG Wealth Partners LLC now owns 496 shares of the bank’s stock valued at $49,000 after acquiring an additional 268 shares in the last quarter. 45.82% of the stock is owned by hedge funds and other institutional investors.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company's personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.