Bank Of Montreal (NYSE:BMO) Sets New 1-Year High – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $184.21 and last traded at $182.6890, with a volume of 717165 shares traded. The stock had previously closed at $181.97.

Analyst Upgrades and Downgrades

Several research firms have commented on BMO. Raymond James Financial reaffirmed an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Scotiabank reiterated an “outperform” rating on shares of Bank Of Montreal in a research report on Tuesday, June 16th. Desjardins reissued a “hold” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Bank Of Montreal has an average rating of “Hold” and a consensus target price of $163.00.

Bank Of Montreal Stock Performance

The company has a market cap of $127.04 billion, a PE ratio of 19.28, a P/E/G ratio of 1.02 and a beta of 0.93. The stock’s 50 day simple moving average is $167.94 and its two-hundred day simple moving average is $150.52. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.14. The company had revenue of $7.04 billion during the quarter, compared to analysts’ expectations of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.62 EPS. As a group, research analysts anticipate that Bank Of Montreal will post 11.82 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 3.8%. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 50.96%.

Hedge Funds Weigh In On Bank Of Montreal

A number of large investors have recently modified their holdings of BMO. WFA of San Diego LLC acquired a new position in shares of Bank Of Montreal in the 2nd quarter valued at about $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Bank Of Montreal during the 4th quarter worth approximately $29,000. Larson Financial Group LLC increased its position in Bank Of Montreal by 466.7% during the 3rd quarter. Larson Financial Group LLC now owns 238 shares of the bank’s stock worth $31,000 after purchasing an additional 196 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Bank Of Montreal in the fourth quarter valued at approximately $34,000. Finally, Western Wealth Management LLC purchased a new position in Bank Of Montreal in the first quarter valued at approximately $38,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of Montreal Company Profile

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.