Canaccord Genuity Analysts Give Bank Of Montreal (BMO) a $102.00 Price Target
Bank Of Montreal (NYSE:BMO) (TSE:BMO) has been given a $102.00 target price by analysts at Canaccord Genuity in a report issued on Tuesday. The firm currently has a “hold” rating on the bank’s stock. Canaccord Genuity’s target price indicates a potential upside of 38.06% from the company’s previous close.
Other research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Bank Of Montreal from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. BidaskClub upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Citigroup Inc. upgraded shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Finally, Royal Bank Of Canada cut their price target on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a report on Thursday, May 25th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $94.20.
Bank Of Montreal (NYSE:BMO) opened at 73.88 on Tuesday. The company has a market capitalization of $48.17 billion, a PE ratio of 11.80 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. The firm has a 50-day moving average of $74.90 and a 200-day moving average of $73.32.
Bank Of Montreal announced that its board has initiated a stock buyback program on Friday, June 23rd that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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A number of large investors have recently added to or reduced their stakes in BMO. State Street Corp raised its stake in Bank Of Montreal by 85.2% in the fourth quarter. State Street Corp now owns 39,089 shares of the bank’s stock valued at $2,810,000 after buying an additional 17,977 shares in the last quarter. CGOV Asset Management raised its stake in Bank Of Montreal by 13.1% in the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock valued at $857,000 after buying an additional 1,000 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Bank Of Montreal by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 16,728 shares of the bank’s stock valued at $1,251,000 after buying an additional 768 shares in the last quarter. First Midwest Bank Trust Division raised its stake in Bank Of Montreal by 8.3% in the first quarter. First Midwest Bank Trust Division now owns 3,908 shares of the bank’s stock valued at $292,000 after buying an additional 300 shares in the last quarter. Finally, North Star Investment Management Corp. raised its stake in Bank Of Montreal by 69.2% in the first quarter. North Star Investment Management Corp. now owns 6,724 shares of the bank’s stock valued at $503,000 after buying an additional 2,749 shares in the last quarter. 42.55% of the stock is owned by 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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