Desjardins Brokers Lower Earnings Estimates for Bank of Montreal (TSE:BMO)

Bank of Montreal (TSE:BMO – Get Rating) (NYSE:BMO) – Desjardins cut their FY2023 earnings per share (EPS) estimates for shares of Bank of Montreal in a report issued on Wednesday, May 24th. Desjardins analyst D. Young now expects that the bank will post earnings per share of $12.35 for the year, down from their previous estimate of $13.05. The consensus estimate for Bank of Montreal’s current full-year earnings is $13.41 per share. Desjardins also issued estimates for Bank of Montreal’s FY2024 earnings at $13.65 EPS.

Several other equities analysts have also recently weighed in on BMO. Royal Bank of Canada lowered their price target on Bank of Montreal from C$151.00 to C$143.00 and set an “outperform” rating on the stock in a report on Thursday. Bank of America lowered their price target on Bank of Montreal from C$134.00 to C$125.00 in a report on Thursday. TD Securities lowered their price target on Bank of Montreal from C$130.00 to C$126.00 and set a “buy” rating on the stock in a report on Thursday. National Bankshares lowered their price target on Bank of Montreal from C$129.00 to C$122.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, Fundamental Research set a C$160.30 target price on Bank of Montreal and gave the stock a “buy” rating in a report on Tuesday, March 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$137.06.

Bank of Montreal Price Performance

TSE BMO opened at C$114.74 on Friday. The business’s fifty day moving average price is C$119.24 and its 200-day moving average price is C$125.71. The stock has a market capitalization of C$80.70 billion, a price-to-earnings ratio of 5.74, a PEG ratio of 1.49 and a beta of 1.13. Bank of Montreal has a 1-year low of C$111.88 and a 1-year high of C$138.85.

Bank of Montreal (TSE:BMO – Get Rating) (NYSE:BMO) last issued its earnings results on Tuesday, February 28th. The bank reported C$3.22 EPS for the quarter, beating the consensus estimate of C$3.13 by C$0.09. Bank of Montreal had a return on equity of 21.06% and a net margin of 40.56%. The business had revenue of C$6.47 billion for the quarter.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Friday, July 28th will be issued a dividend of $1.47 per share. The ex-dividend date of this dividend is Thursday, July 27th. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.43. This represents a $5.88 dividend on an annualized basis and a yield of 5.12%. Bank of Montreal’s dividend payout ratio (DPR) is currently 28.61%.

Bank of Montreal Company Profile

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Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, personal loans, small business lending, cash management, 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.