Bank of Montreal (NYSE:BMO) Declares Dividend Increase – $1.08 Per Share

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) declared a quarterly dividend on Wednesday, May 25th, Zacks reports. Stockholders of record on Tuesday, August 2nd will be paid a dividend of 1.081 per share by the bank on Friday, August 26th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Monday, August 1st. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.05.

Bank of Montreal has raised its dividend by an average of 7.0% annually over the last three years. Bank of Montreal has a payout ratio of 37.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of Montreal to earn $11.15 per share next year, which means the company should continue to be able to cover its $4.17 annual dividend with an expected future payout ratio of 37.4%.

Shares of Bank of Montreal stock opened at $103.66 on Thursday. The firm has a market cap of $69.62 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.42 and a beta of 1.19. The business has a 50-day moving average price of $111.34 and a 200-day moving average price of $111.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Bank of Montreal has a twelve month low of $95.37 and a twelve month high of $122.77.

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) last released its quarterly earnings results on Wednesday, May 25th. The bank reported $3.23 EPS for the quarter, topping the consensus estimate of $2.60 by $0.63. The company had revenue of $9.32 billion during the quarter, compared to analyst estimates of $6.69 billion. Bank of Montreal had a return on equity of 17.71% and a net margin of 26.09%. The firm’s revenue was up 53.3% on a year-over-year basis. During the same quarter last year, the business posted $2.49 earnings per share. On average, equities analysts expect that Bank of Montreal will post 10.44 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMO. First Community Trust NA acquired a new position in shares of Bank of Montreal during the fourth quarter worth $76,000. Clearbridge Investments LLC acquired a new stake in Bank of Montreal in the first quarter valued at $11,685,000. Laurel Wealth Advisors Inc. acquired a new stake in Bank of Montreal in the first quarter valued at $202,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Bank of Montreal during the first quarter worth $225,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Bank of Montreal during the first quarter worth $263,000. Institutional investors own 39.47% of the company’s stock.

A number of research analysts recently issued reports on BMO shares. Stifel Europe boosted their target price on shares of Bank of Montreal from C$170.00 to C$172.00 and gave the company a “buy” rating in a research report on Wednesday, March 2nd. BMO Capital Markets upped their price target on shares of Bank of Montreal from C$161.00 to C$163.00 in a research report on Thursday, March 31st. StockNews.com assumed coverage on shares of Bank of Montreal in a research note on Thursday, March 31st. They set a “hold” rating for the company. National Bank Financial cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Monday, March 7th. Finally, Stifel Nicolaus dropped their price target on shares of Bank of Montreal from C$172.00 to C$171.00 and set a “buy” rating for the company in a research note on Friday, April 8th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $158.71.

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.

Featured Articles

Dividend History for Bank of Montreal (NYSE:BMO)

Receive News & Ratings for Bank of Montreal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of Montreal and related companies with MarketBeat.com's FREE daily email newsletter.