Bank Of Montreal (BMO) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) from a sell rating to a hold rating in a research note released on Monday morning.
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. “
Several other analysts have also issued reports on the stock. Macquarie initiated coverage on shares of Bank Of Montreal in a research report on Tuesday, October 24th. They set a neutral rating and a $81.00 target price for the company. Scotiabank restated a buy rating and set a $101.00 target price on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Canaccord Genuity set a $102.00 target price on shares of Bank Of Montreal and gave the company a hold rating in a research report on Tuesday, August 29th. Finally, BidaskClub lowered shares of Bank Of Montreal from a buy rating to a hold rating in a research report on Saturday, August 5th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $95.40.
Shares of Bank Of Montreal (NYSE BMO) opened at $78.35 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market cap of $50,349.42, a P/E ratio of 12.33, a PEG ratio of 2.17 and a beta of 1.06. Bank Of Montreal has a 12 month low of $65.55 and a 12 month high of $78.86.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.04). The business had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.52 billion. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.94 earnings per share. research analysts anticipate that Bank Of Montreal will post 6.35 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be issued a $0.717 dividend. This represents a $2.87 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. Bank Of Montreal’s payout ratio is 46.91%.
Several hedge funds have recently added to or reduced their stakes in the company. TD Asset Management Inc. lifted its holdings in shares of Bank Of Montreal by 1.5% in the second quarter. TD Asset Management Inc. now owns 25,134,177 shares of the bank’s stock worth $1,842,821,000 after buying an additional 383,382 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Bank Of Montreal by 5.4% in the second quarter. Vanguard Group Inc. now owns 14,592,498 shares of the bank’s stock worth $1,071,673,000 after buying an additional 748,173 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Bank Of Montreal by 5.4% in the second quarter. Acadian Asset Management LLC now owns 7,292,805 shares of the bank’s stock worth $534,707,000 after buying an additional 372,000 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Bank Of Montreal by 32.5% in the third quarter. CIBC Asset Management Inc now owns 7,059,573 shares of the bank’s stock worth $532,857,000 after buying an additional 1,731,928 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of Bank Of Montreal by 6.8% in the third quarter. Great West Life Assurance Co. Can now owns 6,098,215 shares of the bank’s stock worth $460,556,000 after buying an additional 390,688 shares in the last quarter. 42.50% of the stock is currently owned by hedge funds and other institutional investors.
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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