Bank Of Montreal’s (BMO) “Sector Perform” Rating Reiterated at Scotiabank
Bank Of Montreal (NYSE:BMO)‘s stock had its “sector perform” rating reissued by equities researchers at Scotiabank in a report released on Tuesday. They presently have a $86.00 price target on the stock. Scotiabank’s price target would indicate a potential upside of 32.41% from the company’s current price.
BMO has been the topic of a number of other research reports. Credit Suisse Group AG cut Bank Of Montreal from a “neutral” rating to an “underperform” rating in a report on Tuesday, October 4th. Dundee Securities initiated coverage on Bank Of Montreal in a report on Wednesday, September 21st. They issued a “neutral” rating on the stock. National Bank Financial restated a “sector perform” rating and issued a $88.00 price target (up previously from $84.00) on shares of Bank Of Montreal in a report on Thursday, August 25th. Zacks Investment Research upgraded Bank Of Montreal from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Thursday, August 4th. Finally, Desjardins restated a “hold” rating and issued a $86.00 price target (up previously from $84.00) on shares of Bank Of Montreal in a report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $83.89.
Shares of Bank Of Montreal (NYSE:BMO) traded up 0.74% during midday trading on Tuesday, hitting $64.95. The stock had a trading volume of 448,713 shares. The stock has a market cap of $41.89 billion, a P/E ratio of 12.78 and a beta of 1.00. Bank Of Montreal has a 12-month low of $47.54 and a 12-month high of $67.69. The stock has a 50-day moving average price of $65.14 and a 200-day moving average price of $64.17.
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Bank Of Montreal (NYSE:BMO) last released its quarterly earnings results on Tuesday, August 23rd. The company reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.11. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Bank Of Montreal had a return on equity of 12.66% and a net margin of 17.82%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.86 EPS. Equities analysts forecast that Bank Of Montreal will post $5.50 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Stockholders of record on Tuesday, November 1st will be issued a dividend of $0.6696 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 4.12%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Friday, October 28th. Bank Of Montreal’s dividend payout ratio is presently 52.47%.
Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new stake in Bank Of Montreal during the second quarter worth approximately $980,506,000. Capital Research Global Investors increased its stake in shares of Bank Of Montreal by 97.1% in the second quarter. Capital Research Global Investors now owns 12,729,160 shares of the company’s stock valued at $807,426,000 after buying an additional 6,269,734 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Bank Of Montreal during the second quarter valued at about $201,621,000. Emerald Acquisition Ltd. bought a new stake in shares of Bank Of Montreal during the second quarter valued at about $121,542,000. Finally, Evercore Trust Company N.A. bought a new stake in shares of Bank Of Montreal during the second quarter valued at about $94,607,000. Institutional investors and hedge funds own 48.02% of the company’s stock.
About Bank Of Montreal
Bank of Montreal (BMO) is a financial services company. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank’s operating groups include Personal and Commercial Banking, Wealth Management, BMO Capital Markets (BMO CM) and Corporate Services, including Technology and Operations.
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