Bank Of Montreal (NYSE:BMO) Rating Increased to Buy at Zacks Investment Research
Bank Of Montreal (NYSE:BMO) (TSE:BMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $85.00 price objective on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.13% from the stock’s previous close.
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 research firms have also commented on BMO. BidaskClub raised Bank Of Montreal from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Royal Bank Of Canada lowered their target price on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a report on Thursday, May 25th. Finally, TD Securities raised 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. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Bank Of Montreal currently has an average rating of “Hold” and a consensus target price of $88.38.
Shares of Bank Of Montreal (BMO) traded up 0.30% during mid-day trading on Tuesday, hitting $76.49. The company had a trading volume of 292,981 shares. The stock has a market cap of $49.87 billion, a price-to-earnings ratio of 12.51 and a beta of 1.01. Bank Of Montreal has a 52-week low of $62.32 and a 52-week high of $78.00. The stock’s 50-day moving average is $69.32 and its 200-day moving average is $73.05.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced 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 during the quarter, compared to analyst estimates of $5.26 billion. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. Bank Of Montreal’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 earnings per share. Equities analysts forecast that Bank Of Montreal will post $6.27 earnings per share for the current year.
Bank Of Montreal announced that its board has authorized a share repurchase program on Thursday, April 27th that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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A number of large investors have recently added to or reduced their stakes in BMO. Hudock Capital Group LLC boosted its position in Bank Of Montreal by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,584 shares of the bank’s stock valued at $193,000 after buying an additional 7 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock valued at $103,000 after buying an additional 23 shares in the last quarter. Commerce Bank boosted its position in Bank Of Montreal by 1.2% in the first quarter. Commerce Bank now owns 3,244 shares of the bank’s stock valued at $243,000 after buying an additional 37 shares in the last quarter. Johnson Financial Group Inc. boosted its position in Bank Of Montreal by 0.3% in the first quarter. Johnson Financial Group Inc. now owns 21,732 shares of the bank’s stock valued at $1,625,000 after buying an additional 55 shares in the last quarter. Finally, Schmidt P J Investment Management Inc. boosted its position in Bank Of Montreal by 1.2% in the first quarter. Schmidt P J Investment Management Inc. now owns 5,973 shares of the bank’s stock valued at $447,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 47.86% of the company’s stock.
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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