Bank Of Montreal (BMO) Hits New 12-Month High at $78.69
Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $78.69 and last traded at $78.66, with a volume of 180,334 shares trading hands. The stock had previously closed at $78.10.
Several equities analysts have recently commented on the company. Canaccord Genuity assumed coverage on Bank Of Montreal in a research report on Tuesday, July 18th. They issued a “hold” rating on the stock. BidaskClub raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Zacks Investment Research raised 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. Finally, Scotiabank reissued a “buy” rating and set a $101.00 price target on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. Bank Of Montreal currently has a consensus rating of “Hold” and an average target price of $99.00.
The company has a market cap of $51.16 billion, a price-to-earnings ratio of 11.79 and a beta of 1.04. The stock has a 50 day moving average price of $75.70 and a 200 day moving average price of $73.17.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the previous year, the firm earned $1.94 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. On average, analysts forecast that Bank Of Montreal will post $6.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be issued a dividend of $0.717 per share. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.87 dividend on an annualized basis and a yield of 3.64%. Bank Of Montreal’s payout ratio is presently 46.91%.
Bank Of Montreal announced that its Board of Directors has initiated a share repurchase plan on Friday, June 23rd that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the business. Hudock Capital Group LLC raised its holdings in Bank Of Montreal by 0.3% during the 2nd quarter. Hudock Capital Group LLC now owns 2,593 shares of the bank’s stock valued at $190,000 after acquiring an additional 9 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in Bank Of Montreal by 1.1% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock valued at $102,000 after acquiring an additional 15 shares during the period. Thompson Investment Management Inc. raised its holdings in Bank Of Montreal by 1.6% during the 2nd quarter. Thompson Investment Management Inc. now owns 5,767 shares of the bank’s stock valued at $424,000 after acquiring an additional 90 shares during the period. Patten Group Inc. raised its holdings in Bank Of Montreal by 3.4% during the 1st quarter. Patten Group Inc. now owns 3,533 shares of the bank’s stock valued at $264,000 after acquiring an additional 115 shares during the period. Finally, Nwam LLC raised its holdings in Bank Of Montreal by 2.2% during the 2nd quarter. Nwam LLC now owns 7,050 shares of the bank’s stock valued at $518,000 after acquiring an additional 153 shares during the period. 42.74% of the stock is currently owned by institutional investors and hedge funds.
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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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