December 4, 2022

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Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) – Equities research analysts at Cormark reduced their Q4 2022 earnings per share estimates for shares of Bank of Montreal in a research report issued on Tuesday, November 22nd. Cormark analyst L. Persaud now anticipates that the bank will earn $2.46 per share for the quarter, down from their previous estimate of $2.49. The consensus estimate for Bank of Montreal’s current full-year earnings is $10.04 per share. Cormark also issued estimates for Bank of Montreal’s FY2023 earnings at $11.57 EPS.
Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 30th. The bank reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.02. Bank of Montreal had a return on equity of 16.07% and a net margin of 30.66%. The firm had revenue of $6.10 billion during the quarter, compared to the consensus estimate of $6.87 billion. During the same period in the prior year, the company posted $2.80 earnings per share. The firm’s quarterly revenue was down 19.3% compared to the same quarter last year.
A number of other research firms have also recently commented on BMO. BMO Capital Markets cut Bank of Montreal from a “buy” rating to a “reduce” rating and cut their target price for the stock from C$152.50 to C$150.50 in a research report on Wednesday, August 31st. Royal Bank of Canada decreased their price objective on Bank of Montreal from C$158.00 to C$151.00 in a report on Wednesday, August 31st. Desjardins lowered their target price on shares of Bank of Montreal from C$153.00 to C$150.00 in a research report on Wednesday, August 31st. Finally, StockNews.com assumed coverage on shares of Bank of Montreal in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Bank of Montreal has a consensus rating of “Moderate Buy” and a consensus price target of $159.72.

Bank of Montreal Price Performance

Shares of BMO opened at $99.38 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.99 and a quick ratio of 0.98. Bank of Montreal has a 1-year low of $81.57 and a 1-year high of $122.77. The stock has a market cap of $67.31 billion, a PE ratio of 7.52, a price-to-earnings-growth ratio of 1.67 and a beta of 1.12. The firm has a fifty day moving average price of $92.20 and a 200 day moving average price of $97.06.

Hedge Funds Weigh In On Bank of Montreal

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank lifted its holdings in Bank of Montreal by 25.4% in the third quarter. Toronto Dominion Bank now owns 9,748,838 shares of the bank’s stock valued at $856,070,000 after acquiring an additional 1,976,218 shares during the period. 1832 Asset Management L.P. grew its position in Bank of Montreal by 32.1% during the first quarter. 1832 Asset Management L.P. now owns 7,194,489 shares of the bank’s stock worth $836,145,000 after buying an additional 1,749,146 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Bank of Montreal by 55.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,813,386 shares of the bank’s stock valued at $425,995,000 after acquiring an additional 1,718,244 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Bank of Montreal by 17.4% during the 1st quarter. Mackenzie Financial Corp now owns 11,425,357 shares of the bank’s stock worth $1,346,567,000 after acquiring an additional 1,690,617 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Bank of Montreal by 7.5% in the 3rd quarter. Vanguard Group Inc. now owns 24,179,597 shares of the bank’s stock worth $2,119,100,000 after acquiring an additional 1,688,352 shares during the period. Institutional investors and hedge funds own 42.52% of the company’s stock.

Bank of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Tuesday, November 1st will be given a $1.086 dividend. The ex-dividend date is Monday, October 31st. This represents a $4.34 dividend on an annualized basis and a yield of 4.37%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08. Bank of Montreal’s dividend payout ratio (DPR) is presently 30.89%.

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.

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Earnings History and Estimates for Bank of Montreal (NYSE:BMO)


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