Bank Of Montreal (NYSE:BMO) (TSE:BMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $85.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.13% from the company’s previous close.
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. “
A number of other research firms have also recently commented on BMO. Citigroup Inc. raised shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a research report on Thursday, May 18th. TD Securities raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. They noted that the move was a valuation call. BidaskClub raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Barclays PLC raised shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Finally, Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a research report on Tuesday. They set a “hold” rating on the stock. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $88.38.
Bank Of Montreal (BMO) traded up 0.30% during trading on Tuesday, reaching $76.49. 292,981 shares of the company’s stock traded hands. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00. The company has a 50-day moving average price of $69.32 and a 200 day moving average price of $73.05. The firm has a market capitalization of $49.87 billion, a PE ratio of 12.51 and a beta of 1.01.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The firm had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.26 billion. During the same quarter in the prior year, the firm posted $1.73 earnings per share. Bank Of Montreal’s quarterly revenue was up 12.5% on a year-over-year basis. On average, analysts anticipate that Bank Of Montreal will post $6.27 earnings per share for the current fiscal year.
Bank Of Montreal announced that its board has authorized a share buyback program on Thursday, April 27th that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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Several hedge funds have recently added to or reduced their stakes in the company. Hudock Capital Group LLC raised its stake in Bank Of Montreal by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,584 shares of the bank’s stock worth $193,000 after buying an additional 7 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock worth $103,000 after buying an additional 23 shares during the last quarter. Commerce Bank raised its stake in Bank Of Montreal by 1.2% in the first quarter. Commerce Bank now owns 3,244 shares of the bank’s stock worth $243,000 after buying an additional 37 shares during the last quarter. Johnson Financial Group Inc. raised its stake in Bank Of Montreal by 0.3% in the first quarter. Johnson Financial Group Inc. now owns 21,732 shares of the bank’s stock worth $1,625,000 after buying an additional 55 shares during the last quarter. Finally, Schmidt P J Investment Management Inc. raised its stake in Bank Of Montreal by 1.2% in the first quarter. Schmidt P J Investment Management Inc. now owns 5,973 shares of the bank’s stock worth $447,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 47.86% of the company’s stock.
Bank Of Montreal Company Profile
Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.
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