Cormark Analysts Lift Earnings Estimates for Bank Of Montreal (BMO)
Bank Of Montreal (NYSE:BMO) (TSE:BMO) – Equities researchers at Cormark upped their Q3 2017 earnings per share estimates for shares of Bank Of Montreal in a research report issued to clients and investors on Tuesday. Cormark analyst M. Grauman now anticipates that the bank will post earnings per share of $1.60 for the quarter, up from their previous estimate of $1.54. Cormark also issued estimates for Bank Of Montreal’s FY2017 earnings at $6.35 EPS and FY2018 earnings at $6.49 EPS.
A number of other brokerages have also issued reports on BMO. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, July 18th. Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a research report on Tuesday, July 18th. They set a “hold” rating on the stock. BidaskClub lowered shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. 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. Finally, Royal Bank Of Canada lowered their target price on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Bank Of Montreal presently has a consensus rating of “Hold” and a consensus price target of $88.38.
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Shares of Bank Of Montreal (NYSE BMO) opened at 72.70 on Wednesday. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The firm has a market capitalization of $47.40 billion, a PE ratio of 11.48 and a beta of 1.02. The firm’s 50-day moving average is $74.98 and its 200 day moving average is $73.42.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 EPS for the quarter, beating the consensus estimate of $1.40 by $0.05. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The business had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.26 billion. During the same period in the previous year, the business posted $1.73 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board increased its position in Bank Of Montreal by 1,053.6% in the second quarter. Canada Pension Plan Investment Board now owns 3,060,416 shares of the bank’s stock valued at $224,388,000 after buying an additional 2,795,116 shares during the period. Public Sector Pension investment Board increased its position in Bank Of Montreal by 13,359.7% in the second quarter. Public Sector Pension investment Board now owns 1,291,596 shares of the bank’s stock valued at $94,699,000 after buying an additional 1,282,000 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in Bank Of Montreal during the first quarter valued at about $72,790,000. Acadian Asset Management LLC increased its position in 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 valued at $515,459,000 after buying an additional 783,569 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Bank Of Montreal by 123.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,405,000 shares of the bank’s stock valued at $103,154,000 after buying an additional 776,318 shares during the period. 48.44% of the stock is owned by institutional investors and hedge funds.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.6616 per share. This represents a $2.65 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Friday, July 28th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 46.18%.
Bank Of Montreal declared that its board has initiated a stock repurchase program on Thursday, April 27th that permits the company to buyback 15,000,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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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