Bank Of Montreal (NYSE:BMO) Hits New 52-Week High – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $137.62 and last traded at $137.5170, with a volume of 84414 shares traded. The stock had previously closed at $135.77.

Analysts Set New Price Targets

A number of brokerages have recently commented on BMO. Raymond James Financial initiated coverage on Bank Of Montreal in a research report on Monday, November 24th. They issued a “market perform” rating for the company. Scotiabank reiterated a “sector perform” rating on shares of Bank Of Montreal in a report on Friday, January 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank Of Montreal in a report on Monday, December 29th. Wall Street Zen upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, TD Securities reaffirmed a “hold” rating on shares of Bank Of Montreal in a research report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $163.00.

Bank Of Montreal Price Performance

The stock has a market cap of $97.46 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 1.11 and a beta of 0.94. The company has a 50 day simple moving average of $129.08 and a 200-day simple moving average of $123.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Thursday, December 4th. The bank reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.20. Bank Of Montreal had a net margin of 11.13% and a return on equity of 11.76%. The company had revenue of $6.67 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the company earned $1.90 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Friday, January 30th will be issued a $1.67 dividend. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.63. This represents a $6.68 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Friday, January 30th. Bank Of Montreal’s dividend payout ratio is 57.35%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BMO. AQR Capital Management LLC increased its holdings in shares of Bank Of Montreal by 87.1% in the 1st quarter. AQR Capital Management LLC now owns 5,742 shares of the bank’s stock worth $548,000 after acquiring an additional 2,673 shares during the period. Park Avenue Securities LLC bought a new position in Bank Of Montreal in the 2nd quarter worth approximately $509,000. TD Private Client Wealth LLC raised its stake in Bank Of Montreal by 0.7% during the 2nd quarter. TD Private Client Wealth LLC now owns 23,986 shares of the bank’s stock valued at $2,654,000 after acquiring an additional 169 shares in the last quarter. FORM Wealth Advisors LLC bought a new position in shares of Bank Of Montreal in the second quarter worth $214,000. Finally, Raleigh Capital Management Inc. increased its holdings in shares of Bank Of Montreal by 2.3% during the second quarter. Raleigh Capital Management Inc. now owns 11,637 shares of the bank’s stock valued at $1,287,000 after purchasing an additional 258 shares during the period. 45.82% of the stock is currently owned by institutional investors.

About Bank Of Montreal

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.