Bank Of Montreal (NYSE:BMO) Reaches New 52-Week High – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $170.00 and last traded at $170.0660, with a volume of 276 shares changing hands. The stock had previously closed at $168.30.

Wall Street Analyst Weigh In

BMO has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “hold” rating on shares of Bank Of Montreal in a report on Wednesday, February 25th. TD Securities restated a “buy” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Desjardins reaffirmed a “hold” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Weiss Ratings raised shares of Bank Of Montreal from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Raymond James Financial restated an “outperform” rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bank Of Montreal presently has an average rating of “Hold” and an average target price of $163.00.

Bank Of Montreal Stock Performance

The company has a market cap of $118.17 billion, a PE ratio of 17.89, a PEG ratio of 0.94 and a beta of 0.95. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50-day moving average of $154.08 and a 200 day moving average of $142.23.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.14. The business had revenue of $7.04 billion for the quarter, compared to analysts’ expectations of $6.98 billion. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $2.62 earnings per share. Equities research analysts anticipate that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be paid a $1.71 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date is Thursday, July 30th. This represents a $6.84 annualized dividend and a dividend yield of 4.1%. Bank Of Montreal’s dividend payout ratio (DPR) is currently 50.96%.

Institutional Trading of Bank Of Montreal

Several large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in shares of Bank Of Montreal by 87.1% during the 1st quarter. AQR Capital Management LLC now owns 5,742 shares of the bank’s stock valued at $548,000 after acquiring an additional 2,673 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Bank Of Montreal in the 2nd quarter worth $1,018,000. Cerity Partners LLC lifted its position in Bank Of Montreal by 1.4% during the second quarter. Cerity Partners LLC now owns 12,364 shares of the bank’s stock valued at $1,368,000 after purchasing an additional 167 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in Bank Of Montreal by 166.3% during the second quarter. Qube Research & Technologies Ltd now owns 411,108 shares of the bank’s stock valued at $45,518,000 after purchasing an additional 256,755 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Bank Of Montreal by 5,614.3% during the second quarter. NewEdge Advisors LLC now owns 2,800 shares of the bank’s stock valued at $310,000 after purchasing an additional 2,751 shares during the period. 45.82% of the stock is currently owned by institutional investors.

Bank Of Montreal Company Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.