National Bank Financial Analysts Reduce Earnings Estimates for Bank of Montreal (NYSE:BMO)

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) – National Bank Financial cut their Q3 2023 EPS estimates for Bank of Montreal in a research note issued to investors on Wednesday, May 24th. National Bank Financial analyst G. Dechaine now expects that the bank will post earnings of $2.14 per share for the quarter, down from their previous forecast of $2.41. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.79 per share. National Bank Financial also issued estimates for Bank of Montreal’s Q4 2023 earnings at $2.24 EPS, FY2023 earnings at $8.93 EPS and FY2024 earnings at $9.43 EPS.

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last posted its earnings results on Tuesday, February 28th. The bank reported $2.39 EPS for the quarter, beating the consensus estimate of $2.33 by $0.06. The company had revenue of $4.80 billion during the quarter. Bank of Montreal had a return on equity of 13.65% and a net margin of 22.13%.

Separately, StockNews.com began coverage on shares of Bank of Montreal in a report on Thursday, May 18th. They set a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $152.70.

Bank of Montreal Trading Down 0.1 %

NYSE:BMO opened at $82.89 on Friday. The firm 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 business has a 50 day simple moving average of $88.22 and a 200 day simple moving average of $93.16. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.98 and a quick ratio of 0.98. Bank of Montreal has a 12-month low of $81.57 and a 12-month high of $110.67.

Bank of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Friday, July 28th will be paid a dividend of $1.085 per share. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.08. This represents a $4.34 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date is Thursday, July 27th. Bank of Montreal’s payout ratio is currently 34.50%.

Institutional Investors Weigh In On Bank of Montreal

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Bank of Montreal by 7.5% during the 3rd quarter. Vanguard Group Inc. now owns 24,179,597 shares of the bank’s stock worth $2,119,100,000 after buying an additional 1,688,352 shares in the last quarter. TD Asset Management Inc raised its holdings in Bank of Montreal by 1.7% during the fourth quarter. TD Asset Management Inc now owns 15,949,293 shares of the bank’s stock worth $1,443,847,000 after purchasing an additional 262,540 shares in the last quarter. TD Asset Management Inc. lifted its position in Bank of Montreal by 2.8% in the third quarter. TD Asset Management Inc. now owns 15,686,753 shares of the bank’s stock worth $1,386,867,000 after purchasing an additional 429,688 shares during the period. Bank of Nova Scotia lifted its position in Bank of Montreal by 3.6% in the fourth quarter. Bank of Nova Scotia now owns 13,211,403 shares of the bank’s stock worth $1,196,832,000 after purchasing an additional 464,465 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Bank of Montreal by 3.0% during the 4th quarter. Mackenzie Financial Corp now owns 12,653,654 shares of the bank’s stock valued at $1,144,446,000 after purchasing an additional 372,199 shares in the last quarter. Institutional investors and hedge funds own 42.78% of the company’s stock.

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.