Bank of Montreal (NYSE:BMO) Downgraded to “Hold” at Desjardins

Desjardins downgraded shares of Bank of Montreal (NYSE:BMOFree Report) (TSE:BMO) from a buy rating to a hold rating in a report published on Wednesday, Marketbeat Ratings reports. Desjardins also issued estimates for Bank of Montreal’s Q3 2024 earnings at $2.11 EPS, Q4 2024 earnings at $2.02 EPS, FY2024 earnings at $7.88 EPS and FY2025 earnings at $8.79 EPS.

A number of other research firms have also weighed in on BMO. Jefferies Financial Group initiated coverage on Bank of Montreal in a research report on Thursday, February 22nd. They set a buy rating on the stock. StockNews.com raised Bank of Montreal from a sell rating to a hold rating in a research report on Sunday, March 3rd. Finally, Barclays initiated coverage on Bank of Montreal in a research report on Wednesday, March 20th. They set an overweight rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $131.00.

Read Our Latest Analysis on BMO

Bank of Montreal Stock Up 1.7 %

NYSE:BMO opened at $89.11 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.99 and a debt-to-equity ratio of 0.12. The stock’s fifty day moving average is $93.73 and its two-hundred day moving average is $92.72. Bank of Montreal has a 52 week low of $73.98 and a 52 week high of $100.12. The stock has a market capitalization of $64.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 2.26 and a beta of 1.13.

Bank of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, July 30th will be issued a $1.125 dividend. This represents a $4.50 annualized dividend and a yield of 5.05%. The ex-dividend date is Tuesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.12. Bank of Montreal’s dividend payout ratio is 74.25%.

Hedge Funds Weigh In On Bank of Montreal

Several large investors have recently bought and sold shares of BMO. Principal Securities Inc. purchased a new position in Bank of Montreal in the fourth quarter valued at $33,000. Cullen Frost Bankers Inc. increased its holdings in Bank of Montreal by 3,375.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 417 shares of the bank’s stock valued at $41,000 after buying an additional 405 shares during the last quarter. Crewe Advisors LLC increased its holdings in Bank of Montreal by 63.5% in the third quarter. Crewe Advisors LLC now owns 515 shares of the bank’s stock valued at $43,000 after buying an additional 200 shares during the last quarter. Headlands Technologies LLC purchased a new position in Bank of Montreal in the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Bank of Montreal by 39.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock valued at $46,000 after buying an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

About Bank of Montreal

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Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company's personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.

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Analyst Recommendations for Bank of Montreal (NYSE:BMO)

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