Bank of Montreal (BMO) to Issue Quarterly Dividend of $1.09 on August 28th

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) announced a quarterly dividend on Wednesday, May 24th, Zacks reports. Stockholders of record on Friday, July 28th will be paid a dividend of 1.085 per share by the bank on Monday, August 28th. This represents a $4.34 annualized dividend and a dividend yield of 5.24%. The ex-dividend date is Thursday, July 27th. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08.

Bank of Montreal has increased its dividend by an average of 10.6% annually over the last three years and has raised its dividend every year for the last 1 years. Bank of Montreal has a payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Bank of Montreal to earn $10.37 per share next year, which means the company should continue to be able to cover its $4.34 annual dividend with an expected future payout ratio of 41.9%.

Bank of Montreal Trading Down 0.1 %

NYSE:BMO opened at $82.89 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $59.12 billion, a P/E ratio of 6.76, a P/E/G ratio of 1.76 and a beta of 1.14. The stock’s 50 day moving average price is $88.22 and its 200 day moving average price is $93.16. Bank of Montreal has a 52 week low of $81.57 and a 52 week high of $110.67.

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last released its quarterly earnings results on Tuesday, February 28th. The bank reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.06. The business had revenue of $4.80 billion for the quarter. Bank of Montreal had a net margin of 22.13% and a return on equity of 13.65%. On average, research analysts forecast that Bank of Montreal will post 9.79 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Bank of Montreal in a research note on Thursday, May 18th. They set a “sell” rating for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Bank of Montreal presently has a consensus rating of “Hold” and a consensus target price of $152.70.

Hedge Funds Weigh In On Bank of Montreal

Institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors increased its position in Bank of Montreal by 66.9% in the 2nd quarter. Captrust Financial Advisors now owns 2,818 shares of the bank’s stock worth $271,000 after buying an additional 1,130 shares during the period. Advisory Services Network LLC bought a new stake in Bank of Montreal in the 1st quarter valued at $263,000. Principal Street Partners LLC acquired a new stake in Bank of Montreal in the 4th quarter worth $254,000. Algert Global LLC bought a new stake in shares of Bank of Montreal in the fourth quarter valued at about $235,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in Bank of Montreal during the first quarter worth about $225,000. 42.78% of the stock is currently owned by institutional investors.

Bank of Montreal Company Profile

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Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial Banking (Canadian P&C) and United States Personal and Commercial Banking (U.S. P&C). The Canadian P&C segment refers to retail banking and financial operations in Canada.