Bank Of Montreal (BMO) to Buyback 4,000,000 Outstanding Shares
Bank Of Montreal (NYSE:BMO) (TSE:BMO) announced that its Board of Directors has approved a share buyback plan, which permits the company to repurchase 4,000,000 shares on Friday, June 23rd, EventVestor reports. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Bank Of Montreal (NYSE BMO) traded up 0.20% during mid-day trading on Friday, reaching $70.81. 583,240 shares of the company’s stock traded hands. The company has a 50-day moving average of $69.03 and a 200-day moving average of $73.03. The company has a market capitalization of $46.17 billion, a price-to-earnings ratio of 11.86 and a beta of 1.02. Bank Of Montreal has a 52-week low of $60.93 and a 52-week high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released 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 firm 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 19.60% and a return on equity of 14.25%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.73 EPS. Equities research analysts expect that Bank Of Montreal will post $6.04 EPS 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 paid a $0.6616 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.65 annualized dividend and a yield of 3.74%. Bank Of Montreal’s dividend payout ratio is presently 43.85%.
A number of equities research analysts recently commented on BMO shares. Zacks Investment Research downgraded shares of Bank Of Montreal from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. BidaskClub upgraded shares of Bank Of Montreal from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 15th. Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Scotiabank raised shares of Bank Of Montreal from a “sector perform” rating to an “outperform” rating in a report on Wednesday, March 1st. Finally, Citigroup Inc. raised shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $88.38.
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Bank Of Montreal Company Profile
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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