Bank Of Montreal (BMO) Receives Average Recommendation of “Hold” from Brokerages
Shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) have been given an average recommendation of “Hold” by the fifteen brokerages that are presently covering the company, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $91.40.
Several research analysts recently commented on the company. Zacks Investment Research upgraded Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, July 18th. Canaccord Genuity assumed coverage on Bank Of Montreal in a research note on Tuesday, July 18th. They issued a “hold” rating on the stock. BidaskClub upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. TD Securities upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. They noted that the move was a valuation call. Finally, Royal Bank Of Canada cut their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 25th.
Shares of Bank Of Montreal (NYSE BMO) traded up 0.21% during midday trading on Monday, reaching $76.98. The company’s stock had a trading volume of 270,906 shares. The firm has a market capitalization of $50.19 billion, a price-to-earnings ratio of 12.24 and a beta of 1.01. The firm’s 50 day moving average is $72.54 and its 200 day moving average is $73.40. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. The company had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.26 billion. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Equities analysts forecast that Bank Of Montreal will post $6.34 EPS for the current fiscal year.
Bank Of Montreal declared that its Board of Directors has initiated a share repurchase program on Thursday, April 27th that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.6616 per share. This represents a $2.65 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Friday, July 28th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 43.85%.
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A number of institutional investors have recently modified their holdings of BMO. 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. Vanguard Group Inc. raised its position in shares of Bank Of Montreal by 4.5% in the first quarter. Vanguard Group Inc. now owns 13,844,325 shares of the bank’s stock worth $1,035,417,000 after buying an additional 602,298 shares during the period. Acadian Asset Management LLC raised its position in shares of 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 worth $515,459,000 after buying an additional 783,569 shares during the period. Mackenzie Financial Corp raised its position in shares of Bank Of Montreal by 1.0% in the first quarter. Mackenzie Financial Corp now owns 3,003,915 shares of the bank’s stock worth $224,663,000 after buying an additional 28,788 shares during the period. Finally, Mawer Investment Management Ltd. raised its position in shares of Bank Of Montreal by 2.8% in the first quarter. Mawer Investment Management Ltd. now owns 2,925,520 shares of the bank’s stock worth $382,455,000 after buying an additional 79,922 shares during the period. 47.89% 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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