According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “
A number of other research firms also recently weighed in on BMO. Scotia Howard Weill reiterated a sector perform rating on shares of Bank of Montreal in a research report on Thursday, May 30th. Barclays reiterated a hold rating on shares of Bank of Montreal in a research report on Tuesday, June 11th. Finally, Howard Weil downgraded shares of Bank of Montreal from a sector outperform rating to a sector perform rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $105.33.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Wednesday, May 29th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.03. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.60 billion. Bank of Montreal had a net margin of 17.27% and a return on equity of 14.54%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business posted $2.20 earnings per share. On average, sell-side analysts anticipate that Bank of Montreal will post 7.09 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Thursday, August 1st will be given a dividend of $0.769 per share. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.76. This represents a $3.08 annualized dividend and a yield of 4.08%. The ex-dividend date is Wednesday, July 31st. Bank of Montreal’s payout ratio is currently 42.78%.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc increased its holdings in Bank of Montreal by 2.7% during the 3rd quarter. Vanguard Group Inc now owns 16,878,668 shares of the bank’s stock worth $1,392,996,000 after purchasing an additional 444,234 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Bank of Montreal by 10.7% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 16,038 shares of the bank’s stock worth $1,048,000 after purchasing an additional 1,551 shares during the last quarter. Comerica Bank increased its holdings in Bank of Montreal by 1.3% during the 4th quarter. Comerica Bank now owns 39,249 shares of the bank’s stock worth $2,870,000 after purchasing an additional 502 shares during the last quarter. Whittier Trust Co. increased its holdings in Bank of Montreal by 175.5% during the 4th quarter. Whittier Trust Co. now owns 1,044 shares of the bank’s stock worth $68,000 after purchasing an additional 665 shares during the last quarter. Finally, Voit & Company LLC purchased a new stake in Bank of Montreal during the 4th quarter worth approximately $2,221,000. Institutional investors and hedge funds own 42.12% 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, 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, as well as wealth management products and services, such as insurance products.
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