Bank Of Montreal (BMO) Upgraded to “Hold” at Zacks Investment Research
Bank Of Montreal (NYSE:BMO) (TSE:BMO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Several other analysts have also recently weighed in on the stock. Royal Bank Of Canada cut their price target on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a report on Thursday, May 25th. Scotiabank upgraded shares of Bank Of Montreal from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 1st. Citigroup Inc. upgraded shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. TD Securities upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. They noted that the move was a valuation call. Finally, Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $88.38.
Bank Of Montreal (NYSE BMO) traded down 0.86% during midday trading on Tuesday, hitting $70.32. 280,599 shares of the stock were exchanged. The stock has a market cap of $45.85 billion, a PE ratio of 11.78 and a beta of 1.02. Bank Of Montreal has a 1-year low of $60.93 and a 1-year high of $78.00. The company’s 50 day moving average is $69.03 and its 200-day moving average is $73.01.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results 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. The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.26 billion. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.73 earnings per share. On average, analysts expect that Bank Of Montreal will post $6.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Tuesday, August 1st will be given a $0.6616 dividend. This represents a $2.65 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s dividend payout ratio (DPR) is 43.85%.
A number of institutional investors have recently modified their holdings of the company. Patten Group Inc. raised its position in shares of Bank Of Montreal by 3.4% in the first quarter. Patten Group Inc. now owns 3,533 shares of the bank’s stock worth $264,000 after buying an additional 115 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Bank Of Montreal during the first quarter worth $72,790,000. Goldman Sachs Group Inc. raised its position in shares of Bank Of Montreal by 7.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,104,379 shares of the bank’s stock worth $82,597,000 after buying an additional 78,192 shares during the period. North Star Asset Management Inc. raised its position in shares of Bank Of Montreal by 10.2% in the first quarter. North Star Asset Management Inc. now owns 18,984 shares of the bank’s stock worth $1,420,000 after buying an additional 1,750 shares during the period. Finally, Bank of Nova Scotia raised its position in shares of Bank Of Montreal by 3.1% in the first quarter. Bank of Nova Scotia now owns 16,561,393 shares of the bank’s stock worth $1,237,062,000 after buying an additional 490,813 shares during the period. 47.66% of the stock is owned by institutional investors and hedge funds.
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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