Bank of Montreal (NYSE:BMO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a sell rating to a hold rating in a report released on Monday morning, Zacks.com reports.

According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “

Several other brokerages have also recently issued reports on BMO. Scotia Howard Weill reaffirmed a sector perform rating on shares of Bank of Montreal in a research report on Thursday, May 30th. Barclays reaffirmed a hold rating on shares of Bank of Montreal in a research report on Tuesday, June 11th. Finally, Howard Weil cut Bank of Montreal from a sector outperform rating to a sector perform rating in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Bank of Montreal currently has a consensus rating of Hold and a consensus price target of $105.33.

Bank of Montreal stock traded up $0.16 during mid-day trading on Monday, reaching $76.69. The stock had a trading volume of 21,369 shares, compared to its average volume of 510,351. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Montreal has a fifty-two week low of $62.79 and a fifty-two week high of $84.36. The company has a 50-day simple moving average of $75.32. The stock has a market cap of $48.97 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 2.22 and a beta of 1.15.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 29th. The bank reported $1.72 EPS for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.03. Bank of Montreal had a return on equity of 14.54% and a net margin of 17.27%. The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.60 billion. During the same quarter last year, the firm posted $2.20 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts expect that Bank of Montreal will post 7.12 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Thursday, August 1st will be given a dividend of $0.769 per share. This is a boost from Bank of Montreal’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, July 31st. This represents a $3.08 annualized dividend and a dividend yield of 4.01%. Bank of Montreal’s payout ratio is presently 42.78%.

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Bank of Montreal in the 4th quarter worth about $405,149,000. Ronna Sue Cohen grew its stake in shares of Bank of Montreal by 7,363.0% in the 1st quarter. Ronna Sue Cohen now owns 2,728,760 shares of the bank’s stock worth $2,729,000 after buying an additional 2,692,196 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Bank of Montreal in the 1st quarter worth approximately $89,375,000. The Manufacturers Life Insurance Company grew its stake in shares of Bank of Montreal by 16.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,191,779 shares of the bank’s stock worth $238,809,000 after buying an additional 449,568 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Bank of Montreal by 218.1% in the 4th quarter. Millennium Management LLC now owns 540,649 shares of the bank’s stock worth $35,331,000 after buying an additional 370,675 shares during the last quarter. 42.12% of the stock is currently owned by institutional investors.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. 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, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.

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