Bank of Montreal (BMO) Sets New 52-Week High Following Dividend Announcement

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Bank of Montreal (TSE:BMO) (NYSE:BMO)’s share price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$107.72 and last traded at C$107.28, with a volume of 939892 shares. The stock had previously closed at C$106.35.

The newly announced dividend which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Wednesday, October 31st.

Several equities research analysts have recently issued reports on BMO shares. Royal Bank of Canada raised their price objective on Bank of Montreal from C$117.00 to C$120.00 and gave the company a “sector perform” rating in a research note on Thursday, May 31st. Citigroup raised their price objective on Bank of Montreal from C$116.00 to C$120.00 in a research note on Friday, June 1st. Cormark raised their price objective on Bank of Montreal from C$110.00 to C$115.00 in a research note on Thursday, May 31st. National Bank Financial raised Bank of Montreal from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from C$106.00 to C$108.00 in a research note on Thursday, May 31st. Finally, Barclays raised their price objective on Bank of Montreal from C$101.00 to C$107.00 in a research note on Thursday, May 31st. Six analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus target price of C$114.50.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last issued its quarterly earnings results on Wednesday, May 30th. The bank reported C$2.20 earnings per share for the quarter, topping the consensus estimate of C$2.15 by C$0.05. Bank of Montreal had a return on equity of 9.46% and a net margin of 17.14%. The firm had revenue of C$5.62 billion for the quarter, compared to the consensus estimate of C$5.52 billion.

In other news, insider Cameron Mcaskile Fowler sold 19,010 shares of the stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of C$102.24, for a total value of C$1,943,582.40. Also, insider Joanna Michelle Rotenberg sold 3,000 shares of the stock in a transaction that occurred on Tuesday, June 12th. The stock was sold at an average price of C$101.75, for a total value of C$305,250.00. Over the last quarter, insiders sold 117,198 shares of company stock worth $11,932,764.

About Bank of Montreal (TSE:BMO)

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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