Bank of Montreal (NYSE:BMO) Lifted to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a sell rating to a hold rating in a report issued on Monday, Zacks.com reports.

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 commented on BMO. Barclays reissued a hold rating on shares of Bank of Montreal in a research report on Tuesday, June 11th. Scotia Howard Weill reissued a sector perform rating on shares of Bank of Montreal in a research report on Thursday, May 30th. 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 equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Bank of Montreal currently has an average rating of Hold and an average target price of $105.33.

BMO stock opened at $76.81 on Monday. The stock has a market cap of $48.89 billion, a P/E ratio of 10.81, a PEG ratio of 2.20 and a beta of 1.15. Bank of Montreal has a 12 month low of $62.79 and a 12 month high of $84.36. The business has a 50-day moving average of $75.31. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, May 29th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $5.65 billion for 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 company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $2.20 EPS. As a group, analysts predict that Bank of Montreal will post 7.12 earnings per share for the current fiscal year.

The firm also recently announced 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. The ex-dividend date is Wednesday, July 31st. This represents a $3.08 dividend on an annualized basis and a yield of 4.00%. Bank of Montreal’s dividend payout ratio (DPR) is 42.78%.

Large investors have recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. boosted its holdings in shares of Bank of Montreal by 0.7% in the 1st quarter. Cardinal Capital Management Inc. now owns 710,041 shares of the bank’s stock valued at $53,127,000 after buying an additional 4,703 shares in the last quarter. Bogart Wealth LLC boosted its holdings in shares of Bank of Montreal by 7.0% in the 1st quarter. Bogart Wealth LLC now owns 31,681 shares of the bank’s stock valued at $2,370,000 after buying an additional 2,065 shares in the last quarter. Ronna Sue Cohen boosted its holdings in shares of Bank of Montreal by 7,363.0% in the 1st quarter. Ronna Sue Cohen now owns 2,728,760 shares of the bank’s stock valued at $2,729,000 after buying an additional 2,692,196 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Bank of Montreal by 2.7% in the 4th quarter. Nordea Investment Management AB now owns 82,251 shares of the bank’s stock valued at $7,336,000 after buying an additional 2,137 shares in the last quarter. Finally, Moors & Cabot Inc. bought a new stake in shares of Bank of Montreal in the 1st quarter valued at about $258,000. Institutional investors and hedge funds own 42.12% of the company’s stock.

Bank of Montreal Company Profile

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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