Brokerages Set Bank Of Montreal (NYSE:BMO) Target Price at $129.50

Shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) have received an average rating of “Hold” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $129.50.

A number of equities analysts recently issued reports on BMO shares. CIBC reiterated a “neutral” rating on shares of Bank Of Montreal in a research note on Tuesday, May 20th. Scotiabank initiated coverage on shares of Bank Of Montreal in a research note on Thursday, May 15th. They issued a “sector perform” rating on the stock. Cibc World Mkts lowered Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Barclays lowered Bank Of Montreal from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 9th.

Institutional Investors Weigh In On Bank Of Montreal

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Bank Of Montreal in the fourth quarter worth $1,014,633,000. Goldman Sachs Group Inc. increased its position in Bank Of Montreal by 213.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank’s stock worth $406,825,000 after purchasing an additional 2,899,061 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Bank Of Montreal by 42.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank’s stock worth $664,742,000 after purchasing an additional 2,044,862 shares during the last quarter. Mackenzie Financial Corp increased its position in Bank Of Montreal by 15.4% in the fourth quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank’s stock worth $1,184,636,000 after purchasing an additional 1,630,962 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Bank Of Montreal by 66.5% in the first quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank’s stock worth $351,154,000 after purchasing an additional 1,469,084 shares during the last quarter. Institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Stock Performance

Shares of Bank Of Montreal stock opened at $111.92 on Thursday. The stock has a market cap of $80.61 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.24 and a beta of 1.07. The firm’s 50-day moving average is $105.10 and its 200 day moving average is $100.02. Bank Of Montreal has a 1 year low of $76.98 and a 1 year high of $113.32. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.84. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $8.79 billion. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. Bank Of Montreal’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.59 EPS. Sell-side analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Wednesday, July 30th will be given a dividend of $1.1801 per share. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 annualized dividend and a dividend yield of 4.22%. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.11. Bank Of Montreal’s dividend payout ratio (DPR) is presently 57.33%.

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.