Cormark Brokers Reduce Earnings Estimates for Bank of Montreal (BMO)
Bank of Montreal (NYSE:BMO) (TSE:BMO) – Research analysts at Cormark reduced their Q1 2019 earnings per share (EPS) estimates for Bank of Montreal in a report issued on Wednesday, December 5th. Cormark analyst M. Grauman now anticipates that the bank will post earnings per share of $1.65 for the quarter, down from their previous estimate of $1.70. Cormark has a “Market Perform” rating and a $109.00 price objective on the stock. Cormark also issued estimates for Bank of Montreal’s Q2 2019 earnings at $1.79 EPS, FY2019 earnings at $7.35 EPS, Q1 2020 earnings at $1.83 EPS, Q2 2020 earnings at $1.98 EPS, Q3 2020 earnings at $2.05 EPS, Q4 2020 earnings at $2.00 EPS and FY2020 earnings at $7.87 EPS.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, December 4th. The bank reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.57. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.61 billion. Bank of Montreal had a net margin of 16.91% and a return on equity of 14.97%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.94 EPS.
Shares of NYSE BMO opened at $69.76 on Thursday. The company has a market capitalization of $45.93 billion, a PE ratio of 9.98, a PEG ratio of 1.67 and a beta of 1.11. Bank of Montreal has a 52-week low of $69.00 and a 52-week high of $84.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.16 and a current ratio of 1.17.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 26th. Investors of record on Friday, February 1st will be given a dividend of $0.753 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Thursday, January 31st. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.74. Bank of Montreal’s payout ratio is presently 41.77%.
Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. lifted its position in shares of Bank of Montreal by 7.2% during the 3rd quarter. Marshall Wace North America L.P. now owns 8,900 shares of the bank’s stock valued at $734,000 after acquiring an additional 600 shares during the period. Vanguard Group Inc. lifted its position in shares of Bank of Montreal by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 16,878,668 shares of the bank’s stock valued at $1,392,996,000 after acquiring an additional 444,234 shares during the period. Morgan Stanley lifted its position in shares of Bank of Montreal by 48.6% during the 3rd quarter. Morgan Stanley now owns 899,951 shares of the bank’s stock valued at $74,273,000 after acquiring an additional 294,227 shares during the period. Griffin Asset Management Inc. acquired a new position in shares of Bank of Montreal during the 3rd quarter valued at $260,000. Finally, Csenge Advisory Group acquired a new position in shares of Bank of Montreal during the 3rd quarter valued at $198,000. Institutional investors own 43.89% of the company’s stock.
About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.
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