Canadian Imperial Bank of Commerce Cuts Bank of Montreal (TSE:BMO) Price Target to C$261.00

Bank of Montreal (TSE:BMO) (NYSE:BMO) had its target price lowered by Canadian Imperial Bank of Commerce from C$272.00 to C$261.00 in a research report sent to investors on Thursday morning,BayStreet reports. The brokerage currently has a neutral rating on the bank’s stock.

A number of other equities analysts also recently issued reports on BMO. Barclays raised their price objective on Bank of Montreal from C$203.00 to C$240.00 in a research report on Friday, August 21st. National Bank Financial set a C$278.00 target price on Bank of Montreal and gave the company a “sector perform” rating in a report on Monday, August 24th. Jefferies Financial Group upped their target price on Bank of Montreal from C$213.00 to C$225.00 and gave the company a “hold” rating in a report on Thursday, August 13th. Raymond James Financial increased their target price on shares of Bank of Montreal from C$233.50 to C$268.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Finally, Scotia raised their price target on shares of Bank of Montreal from C$268.00 to C$270.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 26th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bank of Montreal presently has an average rating of “Hold” and a consensus target price of C$256.57.

Bank of Montreal Stock Performance

Shares of TSE:BMO opened at C$242.76 on Thursday. Bank of Montreal has a 52-week low of C$168.92 and a 52-week high of C$259.20. The company has a market capitalization of C$168.74 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 0.71 and a beta of 1.12. The company has a fifty day moving average of C$249.05 and a 200-day moving average of C$222.72.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last issued its quarterly earnings data on Tuesday, August 25th. The bank reported C$3.96 earnings per share (EPS) for the quarter. The business had revenue of C$9.96 billion during the quarter. Bank of Montreal had a net margin of 11.75% and a return on equity of 10.58%. On average, equities analysts forecast that Bank of Montreal will post 9.6514585 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 26th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.67. Bank of Montreal’s payout ratio is 54.44%.

Insider Buying and Selling at Bank of Montreal

In other news, Director Tayfun Tuzun sold 20,300 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of C$236.69, for a total value of C$4,804,807.00. Also, insider Deland Kamanga sold 9,064 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of C$237.65, for a total value of C$2,154,059.60. In the last quarter, insiders sold 50,516 shares of company stock worth $12,040,908. Insiders own 0.03% of the company’s stock.

Bank of Montreal News Summary

Here are the key news stories impacting Bank of Montreal this week:

• Positive Sentiment: Share buyback receives regulatory approval: Bank of Montreal secured approval for a normal-course issuer bid. The program could support earnings per share, provide demand for the stock and signal management’s confidence in the bank’s valuation. Bank of Montreal Secures Regulatory Clearance for Normal Course Issuer Bid
• Positive Sentiment: New covered-bond issuance supports funding: BMO issued €750 million of floating-rate covered bonds maturing in 2029. The transaction diversifies the bank’s funding sources and reinforces access to European debt markets, although it also adds funding obligations. Bank of Montreal Issues €750 Million Floating Rate Covered Bonds Due 2029
• Neutral Sentiment: Analysts remain cautiously constructive: Desjardins assigned BMO a C$260 price target, while CIBC cut its target from C$272 to C$261 and retained a “neutral” rating. The targets imply some upside but point to limited conviction in a near-term rally. Desjardins price target for Bank of Montreal CIBC price target update
• Negative Sentiment: Insider sale weighs on sentiment: Senior officer Deland Kamanga sold 9,064 shares for approximately C$2.15 million at an average price of C$237.65. Although the sale may reflect personal financial planning, insider selling can create modest short-term pressure. Bank of Montreal insider share sale

Bank of Montreal Company Profile

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.