Bank Of Montreal (BMO) to Issue Dividend Increase – $0.72 Per Share
Bank Of Montreal (NYSE:BMO) (TSE:BMO) declared a quarterly dividend on Tuesday, August 29th, Wall Street Journal reports. Investors of record on Wednesday, November 1st will be paid a dividend of 0.717 per share by the bank on Tuesday, November 28th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66.
Bank Of Montreal has decreased its dividend by an average of 4.0% per year over the last three years. Bank Of Montreal has a payout ratio of 45.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank Of Montreal to earn $6.65 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 43.3%.
Shares of Bank Of Montreal (NYSE:BMO) traded down 2.64% on Tuesday, hitting $71.93. The company had a trading volume of 869,656 shares. The stock’s 50-day moving average is $74.90 and its 200 day moving average is $73.32. The company has a market capitalization of $46.90 billion, a price-to-earnings ratio of 11.49 and a beta of 1.02. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00.
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A number of brokerages have recently issued reports on BMO. Canaccord Genuity set a $102.00 target price on Bank Of Montreal and gave the stock a “hold” rating in a research note on Tuesday. Zacks Investment Research raised Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. They noted that the move was a valuation call. Royal Bank Of Canada cut their target price on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research note on Thursday, May 25th. Finally, Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a research note on Thursday, May 18th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $94.20.
Bank Of Montreal announced that its board has approved a stock buyback plan on Friday, June 23rd that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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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