Zacks Investment Research Downgrades Bank of Montreal (BMO) to Hold

Bank of Montreal (NYSE:BMO) (TSE:BMO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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. “

Other research analysts also recently issued research reports about the stock. Scotiabank reaffirmed a “buy” rating and issued a $112.00 target price on shares of Bank of Montreal in a research report on Wednesday, November 22nd. Canaccord Genuity reaffirmed a “hold” rating and issued a $105.00 target price on shares of Bank of Montreal in a research report on Tuesday, December 5th. Finally, Macquarie initiated coverage on shares of Bank of Montreal in a research report on Tuesday, October 24th. They issued a “neutral” rating and a $81.00 target price for the company. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Bank of Montreal currently has an average rating of “Hold” and a consensus price target of $98.60.

Bank of Montreal (NYSE:BMO) traded up $0.01 during trading on Thursday, reaching $75.64. 645,562 shares of the company were exchanged, compared to its average volume of 436,930. The company has a market capitalization of $49,000.80, a P/E ratio of 12.50, a P/E/G ratio of 1.60 and a beta of 1.04. Bank of Montreal has a 1-year low of $66.75 and a 1-year high of $84.71. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.13.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Tuesday, December 5th. The bank reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.25 billion. Bank of Montreal had a net margin of 19.00% and a return on equity of 14.11%. analysts predict that Bank of Montreal will post 6.84 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Aperio Group LLC grew its position in shares of Bank of Montreal by 2.3% in the 3rd quarter. Aperio Group LLC now owns 403,344 shares of the bank’s stock valued at $30,537,000 after acquiring an additional 9,170 shares during the period. Greystone Managed Investments Inc. grew its position in shares of Bank of Montreal by 16.9% in the 3rd quarter. Greystone Managed Investments Inc. now owns 621,311 shares of the bank’s stock valued at $46,912,000 after acquiring an additional 90,023 shares during the period. Starfire Investment Advisers Inc. bought a new position in shares of Bank of Montreal in the 3rd quarter valued at about $264,000. BKS Advisors LLC grew its position in shares of Bank of Montreal by 1.6% in the 3rd quarter. BKS Advisors LLC now owns 48,819 shares of the bank’s stock valued at $3,696,000 after acquiring an additional 786 shares during the period. Finally, BB&T Securities LLC grew its position in shares of Bank of Montreal by 14.7% in the 3rd quarter. BB&T Securities LLC now owns 74,535 shares of the bank’s stock valued at $5,643,000 after acquiring an additional 9,540 shares during the period. 42.80% of the stock is owned by institutional investors.

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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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