Bank of Montreal (NYSE:BMO) (TSE:BMO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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. “

Other equities research analysts also recently issued research reports about the company. Barclays PLC upgraded Bank of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday. Scotiabank upgraded Bank of Montreal from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 1st. Citigroup Inc upgraded Bank of Montreal from a “neutral” rating to a “buy” rating in a research report on Thursday, May 18th. Finally, Royal Bank of Canada dropped their target price on Bank of Montreal to $108.00 and set a “sector perform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $88.11.

Analyst Recommendations for Bank of Montreal (NYSE:BMO)

Bank of Montreal (NYSE:BMO) traded down 1.49% during mid-day trading on Thursday, reaching $67.59. The company had a trading volume of 768,251 shares. The company’s 50-day moving average is $71.42 and its 200-day moving average is $72.50. Bank of Montreal has a one year low of $60.93 and a one year high of $78.00. The stock has a market capitalization of $43.87 billion, a PE ratio of 12.18 and a beta of 1.06.

Bank of Montreal (NYSE:BMO) last announced its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.05. Bank of Montreal had a return on equity of 13.38% and a net margin of 17.99%. The business had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.26 billion. During the same period in the prior year, the company earned $1.73 earnings per share. Bank of Montreal’s revenue was up 12.5% compared to the same quarter last year. Equities research analysts anticipate that Bank of Montreal will post $5.98 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Tuesday, August 1st will be issued a $0.6616 dividend. The ex-dividend date is Friday, July 28th. This represents a $2.65 annualized dividend and a yield of 3.92%. Bank of Montreal’s dividend payout ratio (DPR) is presently 50.19%.

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Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Bank of Montreal during the fourth quarter valued at approximately $426,590,000. Fiera Capital Corp raised its position in Bank of Montreal by 221.2% in the fourth quarter. Fiera Capital Corp now owns 1,292,975 shares of the bank’s stock valued at $92,835,000 after buying an additional 890,489 shares during the last quarter. Acadian Asset Management LLC raised its position in Bank of Montreal by 12.8% in the first quarter. Acadian Asset Management LLC now owns 6,920,805 shares of the bank’s stock valued at $515,459,000 after buying an additional 783,569 shares during the last quarter. OMERS ADMINISTRATION Corp raised its position in Bank of Montreal by 35.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 2,343,497 shares of the bank’s stock valued at $174,543,000 after buying an additional 611,200 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Bank of Montreal by 4.5% in the first quarter. Vanguard Group Inc. now owns 13,844,325 shares of the bank’s stock valued at $1,035,417,000 after buying an additional 602,298 shares during the last quarter. Institutional investors and hedge funds own 47.82% of the company’s stock.

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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