Dundee Securities Initiates Coverage on Bank Of Montreal (BMO)

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Analysts at Dundee Securities began coverage on shares of Bank Of Montreal (NYSE:BMO) in a report issued on Wednesday. The firm set a “neutral” rating on the stock.
Several other research firms also recently weighed in on BMO. Rafferty Capital Markets upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 9th. Zacks Investment Research downgraded Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. RBC Capital Markets restated a “sector perform” rating and issued a $88.00 target price (up previously from $84.00) on shares of Bank Of Montreal in a research report on Thursday, August 25th. National Bank Financial reiterated a “sector perform” rating and set a $88.00 price objective (up previously from $84.00) on shares of Bank Of Montreal in a research report on Thursday, August 25th. Finally, Royal Bank Of Canada lifted their price objective on Bank Of Montreal from $84.00 to $88.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 24th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Bank Of Montreal currently has an average rating of “Hold” and a consensus price target of $83.67.

Shares of Bank Of Montreal (NYSE:BMO) traded up 0.56% during trading on Wednesday, reaching $65.00. The company’s stock had a trading volume of 77,977 shares. The stock has a 50 day moving average of $65.29 and a 200-day moving average of $63.50. Bank Of Montreal has a 1-year low of $47.54 and a 1-year high of $67.69. The company has a market capitalization of $41.93 billion, a PE ratio of 12.73 and a beta of 1.04.

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Bank Of Montreal (NYSE:BMO) last released its earnings results on Tuesday, August 23rd. The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.11. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $3.88 billion. Bank Of Montreal had a return on equity of 12.66% and a net margin of 17.82%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 earnings per share. On average, analysts expect that Bank Of Montreal will post $5.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Stockholders of record on Tuesday, November 1st will be paid a $0.6696 dividend. The ex-dividend date is Friday, October 28th. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.68 dividend on an annualized basis and a dividend yield of 4.14%. Bank Of Montreal’s payout ratio is presently 52.47%.
Large investors have recently modified their holdings of the stock. OLD National Bancorp IN boosted its stake in shares of Bank Of Montreal by 59.9% in the first quarter. OLD National Bancorp IN now owns 7,778 shares of the company’s stock worth $472,000 after buying an additional 2,915 shares during the last quarter. Investment Centers of America Inc. bought a new position in Bank Of Montreal during the first quarter valued at approximately $287,000. Commonwealth Equity Services Inc boosted its position in Bank Of Montreal by 8.2% in the first quarter. Commonwealth Equity Services Inc now owns 31,320 shares of the company’s stock valued at $1,901,000 after buying an additional 2,374 shares during the last quarter. Mn Services Vermogensbeheer B.V. bought a new position in Bank Of Montreal during the first quarter valued at approximately $858,000. Finally, Virginia Retirement System bought a new position in Bank Of Montreal during the first quarter valued at approximately $36,427,000. 48.03% of the stock is owned by institutional investors and hedge funds.
About Bank Of Montreal
Bank of Montreal (BMO) is a financial services company. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank’s operating groups include Personal and Commercial Banking, Wealth Management, BMO Capital Markets (BMO CM) and Corporate Services, including Technology and Operations.

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