Bank of Montreal to Post Q2 2023 Earnings of $3.30 Per Share, Cormark Forecasts (TSE:BMO)

Bank of Montreal (TSE:BMO – Get Rating) (NYSE:BMO) – Research analysts at Cormark reduced their Q2 2023 EPS estimates for shares of Bank of Montreal in a research note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the bank will post earnings per share of $3.30 for the quarter, down from their prior estimate of $3.36. The consensus estimate for Bank of Montreal’s current full-year earnings is $13.41 per share. Cormark also issued estimates for Bank of Montreal’s FY2024 earnings at $13.90 EPS.

Bank of Montreal (TSE:BMO – Get Rating) (NYSE:BMO) last released its quarterly earnings data on Tuesday, February 28th. The bank reported C$3.22 earnings per share for the quarter, beating analysts’ consensus estimates of C$3.13 by C$0.09. The business had revenue of C$6.47 billion during the quarter. Bank of Montreal had a net margin of 40.56% and a return on equity of 21.06%.

Other analysts have also issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Bank of Montreal from C$130.00 to C$121.50 in a research note on Thursday. Bank of America reduced their price target on shares of Bank of Montreal from C$134.00 to C$125.00 in a research note on Thursday. CSFB reduced their price target on shares of Bank of Montreal from C$147.00 to C$139.00 in a research note on Tuesday, May 16th. Royal Bank of Canada reduced their price target on shares of Bank of Montreal from C$151.00 to C$143.00 in a research note on Thursday. Finally, Scotiabank reduced their price target on shares of Bank of Montreal from C$151.00 to C$143.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of Montreal currently has a consensus rating of “Hold” and a consensus price target of C$138.59.

Bank of Montreal Stock Performance

TSE:BMO opened at C$113.00 on Wednesday. The firm has a market cap of C$79.47 billion, a P/E ratio of 5.65, a P/E/G ratio of 1.49 and a beta of 1.13. Bank of Montreal has a fifty-two week low of C$111.88 and a fifty-two week high of C$138.85. The firm has a 50-day simple moving average of C$119.29 and a two-hundred day simple moving average of C$125.80.

Bank of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Friday, July 28th will be issued a $1.47 dividend. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.43. The ex-dividend date is Thursday, July 27th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 5.20%. Bank of Montreal’s dividend payout ratio (DPR) is presently 28.61%.

About Bank of Montreal

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Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, personal loans, small business lending, cash management, 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.