Bank of Montreal (NYSE:BMO) Lifted to “Buy” at Zacks Investment Research

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $127.00 price objective on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.05% from the stock’s current price.

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. “

Several other research analysts also recently commented on BMO. StockNews.com initiated coverage on shares of Bank of Montreal in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Desjardins boosted their price objective on shares of Bank of Montreal from C$157.00 to C$161.00 in a report on Thursday, March 3rd. National Bank Financial downgraded shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Monday, March 7th. Stifel Europe boosted their price objective on shares of Bank of Montreal from C$170.00 to C$172.00 and gave the stock a “buy” rating in a report on Wednesday, March 2nd. Finally, Scotiabank raised shares of Bank of Montreal from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $165.00 to $169.00 in a research note on Wednesday, March 2nd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Bank of Montreal currently has a consensus rating of “Buy” and a consensus price target of $158.71.

BMO traded down $1.16 during trading on Wednesday, hitting $113.34. The stock had a trading volume of 671,132 shares, compared to its average volume of 894,424. The firm has a market cap of $76.10 billion, a PE ratio of 10.94, a P/E/G ratio of 1.49 and a beta of 1.20. Bank of Montreal has a 12 month low of $88.98 and a 12 month high of $122.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The company has a 50 day simple moving average of $116.70 and a 200-day simple moving average of $111.78.

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) last announced its earnings results on Tuesday, March 1st. The bank reported $3.07 EPS for the quarter, topping the consensus estimate of $2.60 by $0.47. The firm had revenue of $7.64 billion for the quarter, compared to the consensus estimate of $6.67 billion. Bank of Montreal had a net margin of 26.09% and a return on equity of 17.71%. The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.38 EPS. As a group, sell-side analysts anticipate that Bank of Montreal will post 10.65 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC grew its position in Bank of Montreal by 1.9% during the third quarter. LPL Financial LLC now owns 55,698 shares of the bank’s stock valued at $5,555,000 after acquiring an additional 1,058 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Bank of Montreal by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 22,012 shares of the bank’s stock valued at $2,372,000 after purchasing an additional 8,009 shares during the period. Berger Financial Group Inc lifted its position in shares of Bank of Montreal by 7.1% during the 4th quarter. Berger Financial Group Inc now owns 8,937 shares of the bank’s stock valued at $963,000 after buying an additional 591 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. lifted its position in shares of Bank of Montreal by 1.3% during the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 164,770 shares of the bank’s stock valued at $16,430,000 after buying an additional 2,040 shares in the last quarter. Finally, AGF Investments Inc. lifted its holdings in Bank of Montreal by 44.0% in the 3rd quarter. AGF Investments Inc. now owns 1,159,954 shares of the bank’s stock worth $115,803,000 after purchasing an additional 354,609 shares in the last quarter. 41.52% of the stock is currently owned by institutional investors and hedge funds.

About Bank of Montreal (Get Rating)

Bank of Montreal provides diversified financial services primarily in North America. 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, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.

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