Zacks: Brokerages Anticipate Bank Of Montreal (BMO) Will Post Quarterly Sales of $4.25 Billion
Equities analysts expect Bank Of Montreal (NYSE:BMO) (TSE:BMO) to post sales of $4.25 billion for the current quarter, according to Zacks. Two analysts have issued estimates for Bank Of Montreal’s earnings. The lowest sales estimate is $4.10 billion and the highest is $4.40 billion. Bank Of Montreal posted sales of $4.03 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 5.5%. The business is expected to announce its next earnings results on Tuesday, December 5th.
On average, analysts expect that Bank Of Montreal will report full-year sales of $4.25 billion for the current fiscal year, with estimates ranging from $16.61 billion to $17.68 billion. For the next year, analysts forecast that the firm will report sales of $17.54 billion per share, with estimates ranging from $17.19 billion to $17.90 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Bank Of Montreal.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The company had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the firm earned $1.94 earnings per share. Bank Of Montreal’s revenue for the quarter was down 3.1% on a year-over-year basis.
BMO has been the topic of several recent analyst reports. Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Royal Bank Of Canada dropped their price objective on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 25th. Zacks Investment Research cut Bank Of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, May 25th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. They noted that the move was a valuation call. Finally, BidaskClub raised Bank Of Montreal from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 15th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $97.20.
Bank Of Montreal (BMO) opened at 75.21 on Friday. The firm has a 50 day moving average of $73.81 and a 200 day moving average of $73.01. Bank Of Montreal has a 12-month low of $62.32 and a 12-month high of $78.00. The firm has a market capitalization of $48.81 billion, a P/E ratio of 11.58 and a beta of 1.03.
Bank Of Montreal announced that its Board of Directors has authorized a stock repurchase program on Friday, June 23rd that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.717 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 annualized dividend and a dividend yield of 3.81%. Bank Of Montreal’s dividend payout ratio (DPR) is currently 45.28%.
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A number of institutional investors and hedge funds have recently made changes to their positions in BMO. Canada Pension Plan Investment Board increased its holdings in Bank Of Montreal by 1,053.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 3,060,416 shares of the bank’s stock worth $224,388,000 after acquiring an additional 2,795,116 shares during the last quarter. Public Sector Pension investment Board increased its holdings in Bank Of Montreal by 13,359.7% in the 2nd quarter. Public Sector Pension investment Board now owns 1,291,596 shares of the bank’s stock worth $94,699,000 after acquiring an additional 1,282,000 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Bank Of Montreal in the 1st quarter worth about $72,790,000. Arrowstreet Capital Limited Partnership increased its holdings in Bank Of Montreal by 123.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,405,000 shares of the bank’s stock worth $103,154,000 after acquiring an additional 776,318 shares during the last quarter. Finally, Scotia Capital Inc. increased its holdings in Bank Of Montreal by 50.2% in the 2nd quarter. Scotia Capital Inc. now owns 2,271,198 shares of the bank’s stock worth $166,780,000 after acquiring an additional 758,940 shares during the last quarter. 42.77% of the stock is owned by institutional investors.
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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