Cormark Weighs in on Bank of Montreal’s Q2 2024 Earnings (TSE:BMO)

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Equities researchers at Cormark issued their Q2 2024 earnings per share (EPS) estimates for Bank of Montreal in a note issued to investors on Wednesday, May 22nd. Cormark analyst L. Persaud forecasts that the bank will earn $2.79 per share for the quarter. The consensus estimate for Bank of Montreal’s current full-year earnings is $11.26 per share.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last released its quarterly earnings data on Tuesday, February 27th. The bank reported C$2.56 EPS for the quarter, missing analysts’ consensus estimates of C$3.03 by C($0.47). Bank of Montreal had a net margin of 17.71% and a return on equity of 7.28%. The business had revenue of C$7.67 billion during the quarter, compared to analyst estimates of C$8.57 billion.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada decreased their price target on Bank of Montreal from C$134.00 to C$130.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Canaccord Genuity Group cut their price objective on Bank of Montreal from C$137.00 to C$136.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Desjardins cut their price objective on Bank of Montreal from C$135.00 to C$133.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. TD Securities dropped their target price on Bank of Montreal from C$145.00 to C$142.00 in a report on Friday, May 10th. Finally, Jefferies Financial Group raised their price target on Bank of Montreal from C$136.00 to C$142.00 in a research note on Monday, May 13th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$133.33.

Bank of Montreal Stock Up 0.8 %

TSE:BMO traded up C$1.00 during trading hours on Friday, reaching C$130.87. 332,900 shares of the stock were exchanged, compared to its average volume of 2,667,657. The business has a 50-day moving average of C$128.45 and a two-hundred day moving average of C$124.72. Bank of Montreal has a twelve month low of C$102.67 and a twelve month high of C$133.95. The company has a market capitalization of C$94.94 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 0.54 and a beta of 1.18.

Insider Buying and Selling

In related news, Senior Officer Nadim Hirji sold 2,882 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of C$130.46, for a total transaction of C$375,985.72. In other Bank of Montreal news, Senior Officer Nadim Hirji sold 2,882 shares of Bank of Montreal stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of C$130.46, for a total value of C$375,985.72. Also, Director Darrel Hackett sold 3,297 shares of Bank of Montreal stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of C$91.76, for a total value of C$302,532.72. Corporate insiders own 0.03% of the company’s stock.

Bank of Montreal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Investors of record on Monday, April 29th will be issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date of this dividend is Friday, April 26th. Bank of Montreal’s dividend payout ratio is currently 83.20%.

About Bank of Montreal

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.