FY2024 EPS Estimates for Bank of Montreal (NYSE:BMO) Cut by Analyst

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities research analysts at Cormark lowered their FY2024 earnings per share estimates for Bank of Montreal in a research note issued to investors on Wednesday, August 28th. Cormark analyst L. Persaud now forecasts that the bank will earn $7.52 per share for the year, down from their prior estimate of $7.75. The consensus estimate for Bank of Montreal’s current full-year earnings is $7.91 per share. Cormark also issued estimates for Bank of Montreal’s FY2025 earnings at $8.28 EPS.

Several other equities research analysts have also commented on BMO. Jefferies Financial Group lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday. Desjardins downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Barclays reduced their price target on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank of Canada lowered Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 30th. Finally, StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $119.75.

Bank of Montreal Stock Up 1.3 %

NYSE:BMO opened at $82.96 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.99 and a quick ratio of 0.99. The company’s fifty day moving average price is $84.70 and its 200-day moving average price is $89.75. Bank of Montreal has a 1-year low of $73.98 and a 1-year high of $100.12. The firm has a market capitalization of $60.50 billion, a P/E ratio of 13.78, a PEG ratio of 2.04 and a beta of 1.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.12). Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. The business had revenue of $8.21 billion during the quarter, compared to analyst estimates of $8.25 billion. During the same quarter last year, the company posted $2.08 EPS. Bank of Montreal’s quarterly revenue was up .2% compared to the same quarter last year.

Bank of Montreal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be paid a $1.123 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a yield of 5.41%. Bank of Montreal’s dividend payout ratio is currently 75.25%.

Institutional Trading of Bank of Montreal

Several institutional investors have recently modified their holdings of the stock. Dorsey & Whitney Trust CO LLC raised its position in shares of Bank of Montreal by 2.1% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 5,739 shares of the bank’s stock worth $568,000 after purchasing an additional 116 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Bank of Montreal by 1.5% during the second quarter. Signaturefd LLC now owns 8,581 shares of the bank’s stock valued at $720,000 after acquiring an additional 123 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Bank of Montreal by 39.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock valued at $46,000 after acquiring an additional 130 shares in the last quarter. IAG Wealth Partners LLC boosted its stake in shares of Bank of Montreal by 28.0% in the first quarter. IAG Wealth Partners LLC now owns 635 shares of the bank’s stock worth $62,000 after acquiring an additional 139 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of Bank of Montreal by 4.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after purchasing an additional 151 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.