Bank of Montreal (TSE:BMO) Hits New 12-Month High – Here’s Why

Bank of Montreal (TSE:BMO) (NYSE:BMO) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$26.30 and last traded at C$128.29, with a volume of 544205 shares traded. The stock had previously closed at C$129.87.

Analyst Ratings Changes

BMO has been the topic of a number of research reports. Royal Bank of Canada cut their target price on shares of Bank of Montreal from C$118.00 to C$106.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 28th. Desjardins reduced their price objective on Bank of Montreal from C$125.00 to C$120.00 and set a “hold” rating on the stock in a research note on Wednesday, August 28th. UBS Group set a C$122.00 target price on Bank of Montreal and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$130.00 to C$114.00 in a research report on Wednesday, August 28th. Finally, National Bankshares dropped their price objective on shares of Bank of Montreal from C$131.00 to C$127.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$120.77.

Bank of Montreal Price Performance

The company has a fifty day moving average price of C$119.37 and a two-hundred day moving average price of C$120.99. The firm has a market cap of C$94.21 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 0.71 and a beta of 1.16.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported C$2.64 earnings per share for the quarter, missing the consensus estimate of C$2.72 by C($0.08). The business had revenue of C$8.19 billion for the quarter, compared to the consensus estimate of C$8.23 billion. Bank of Montreal had a net margin of 21.20% and a return on equity of 8.49%. On average, research analysts expect that Bank of Montreal will post 9.6514585 earnings per share for the current fiscal year.

Bank of Montreal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 26th will be given a $1.55 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $6.20 annualized dividend and a yield of 4.80%. Bank of Montreal’s dividend payout ratio (DPR) is 71.35%.

Insider Buying and Selling at Bank of Montreal

In other news, Senior Officer David Robert Casper sold 12,819 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of C$121.85, for a total transaction of C$1,562,007.97. In other news, Senior Officer Steven Lloyd Tennyson sold 7,908 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$112.16, for a total transaction of C$886,977.10. Also, Senior Officer David Robert Casper sold 12,819 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of C$121.85, for a total transaction of C$1,562,007.97. 0.03% of the stock is owned by corporate insiders.

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.