Bank Of Montreal (NYSE:BMO) Sets New 1-Year High – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $170.00 and last traded at $170.0660, with a volume of 276 shares traded. The stock had previously closed at $168.30.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BMO. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. National Bank Financial restated a “sector perform” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Finally, Desjardins restated a “hold” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $163.00.

Bank Of Montreal Stock Performance

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $155.39 and a two-hundred day simple moving average of $142.86. The stock has a market capitalization of $118.76 billion, a P/E ratio of 18.00, a P/E/G ratio of 0.94 and a beta of 0.95.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.14. The firm had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The business’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $2.62 earnings per share. On average, equities analysts forecast that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Thursday, July 30th. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. Bank Of Montreal’s payout ratio is presently 50.96%.

Institutional Investors Weigh In On Bank Of Montreal

Several hedge funds have recently added to or reduced their stakes in the business. Rathbones Group PLC lifted its holdings in Bank Of Montreal by 1.9% during the 1st quarter. Rathbones Group PLC now owns 42,154 shares of the bank’s stock valued at $5,692,000 after purchasing an additional 770 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Bank Of Montreal by 5.5% during the 1st quarter. Parallel Advisors LLC now owns 2,912 shares of the bank’s stock valued at $394,000 after purchasing an additional 153 shares during the last quarter. Krane Financial Solutions LLC acquired a new stake in Bank Of Montreal during the 1st quarter valued at $235,000. Glenmede Trust Co. NA lifted its holdings in Bank Of Montreal by 3.7% during the 1st quarter. Glenmede Trust Co. NA now owns 6,810 shares of the bank’s stock valued at $922,000 after purchasing an additional 245 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Bank Of Montreal during the 1st quarter valued at $891,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

About Bank Of Montreal

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.