Bank of Montreal (BMO) Upgraded at Barclays PLC
Bank of Montreal (NYSE:BMO) (TSE:BMO) was upgraded by Barclays PLC from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday.
BMO has been the topic of several other reports. Zacks Investment Research lowered shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. Scotiabank raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 1st. Finally, Citigroup Inc raised shares of Bank of Montreal from a “neutral” rating to a “buy” rating in a research report on Thursday, May 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $88.38.
Bank of Montreal (NYSE:BMO) traded up 0.30% during midday trading on Tuesday, reaching $67.79. 487,793 shares of the company traded hands. The firm’s 50 day moving average price is $71.13 and its 200 day moving average price is $72.43. Bank of Montreal has a 12 month low of $60.93 and a 12 month high of $78.00. The firm has a market capitalization of $44.20 billion, a price-to-earnings ratio of 11.62 and a beta of 1.06.
Bank of Montreal (NYSE:BMO) last issued its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.05. The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.26 billion. Bank of Montreal had a net margin of 17.99% and a return on equity of 13.38%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 earnings per share. On average, analysts expect that Bank of Montreal will post $5.91 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.6616 per share. The ex-dividend date is Friday, July 28th. This represents a $2.65 dividend on an annualized basis and a yield of 3.90%. Bank of Montreal’s payout ratio is 50.19%.
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Large investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its stake in shares of Bank of Montreal by 2.4% in the third quarter. Wells Fargo & Company MN now owns 613,719 shares of the bank’s stock worth $40,241,000 after buying an additional 14,216 shares during the last quarter. Todd Asset Management LLC increased its stake in shares of Bank of Montreal by 11.7% in the third quarter. Todd Asset Management LLC now owns 394,663 shares of the bank’s stock worth $25,878,000 after buying an additional 41,282 shares during the last quarter. South Texas Money Management Ltd. increased its stake in shares of Bank of Montreal by 101.0% in the third quarter. South Texas Money Management Ltd. now owns 358,126 shares of the bank’s stock worth $23,482,000 after buying an additional 179,917 shares during the last quarter. Aperio Group LLC increased its stake in shares of Bank of Montreal by 0.7% in the third quarter. Aperio Group LLC now owns 505,308 shares of the bank’s stock worth $33,133,000 after buying an additional 3,410 shares during the last quarter. Finally, Pegasus Partners Ltd. increased its stake in shares of Bank of Montreal by 37.4% in the third quarter. Pegasus Partners Ltd. now owns 23,030 shares of the bank’s stock worth $1,510,000 after buying an additional 6,269 shares during the last quarter. Hedge funds and other institutional investors 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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