Bank of Montreal (NYSE:BMO – Free Report) (TSE:BMO) – Desjardins decreased their Q4 2023 earnings per share (EPS) estimates for shares of Bank of Montreal in a research note issued to investors on Tuesday, August 29th. Desjardins analyst D. Young now forecasts that the bank will earn $2.13 per share for the quarter, down from their prior forecast of $2.31. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.11 per share. Desjardins also issued estimates for Bank of Montreal’s FY2024 earnings at $9.56 EPS.
BMO has been the subject of a number of other reports. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Barclays increased their target price on Bank of Montreal from $123.00 to $131.00 and gave the stock an “overweight” rating in a research note on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $139.25.
Bank of Montreal Stock Up 0.7 %
Bank of Montreal stock opened at $86.13 on Thursday. Bank of Montreal has a twelve month low of $81.55 and a twelve month high of $102.79. The stock has a 50 day moving average of $88.94 and a two-hundred day moving average of $89.46. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $61.74 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.32 and a beta of 1.15.
Bank of Montreal Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Monday, October 30th will be issued a dividend of $1.11 per share. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.09. The ex-dividend date is Friday, October 27th. This represents a $4.44 annualized dividend and a dividend yield of 5.15%. Bank of Montreal’s dividend payout ratio (DPR) is 58.50%.
Institutional Investors Weigh In On Bank of Montreal
Several hedge funds have recently made changes to their positions in the business. Brown Shipley& Co Ltd acquired a new stake in shares of Bank of Montreal during the second quarter worth $149,000. Alberta Investment Management Corp boosted its holdings in Bank of Montreal by 23.8% in the second quarter. Alberta Investment Management Corp now owns 1,315,325 shares of the bank’s stock valued at $118,923,000 after acquiring an additional 253,046 shares during the last quarter. Imprint Wealth LLC acquired a new position in Bank of Montreal in the second quarter valued at $2,258,000. Resources Management Corp CT ADV boosted its holdings in Bank of Montreal by 2,026.4% in the second quarter. Resources Management Corp CT ADV now owns 22,880 shares of the bank’s stock valued at $2,066,000 after acquiring an additional 21,804 shares during the last quarter. Finally, PCA Investment Advisory Services Inc. acquired a new position in Bank of Montreal in the second quarter valued at $26,000. Institutional investors and hedge funds own 43.89% of the company’s stock.
About Bank of Montreal
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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