Bank of Montreal (NYSE:BMO) Sets New 1-Year High – Time to Buy?

Shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $108.38 and last traded at $106.72, with a volume of 288762 shares traded. The stock had previously closed at $104.81.

Wall Street Analysts Forecast Growth

BMO has been the topic of a number of analyst reports. Scotiabank started coverage on Bank of Montreal in a research report on Thursday, May 15th. They set a “sector perform” rating on the stock. Wall Street Zen upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Royal Bank of Canada boosted their price objective on Bank of Montreal from $161.00 to $163.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. CIBC reaffirmed a “neutral” rating on shares of Bank of Montreal in a research note on Tuesday, May 20th. Finally, Cibc World Mkts cut shares of Bank of Montreal from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $128.40.

Bank of Montreal Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a 50 day moving average price of $97.00 and a 200-day moving average price of $97.73. The stock has a market capitalization of $77.28 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 1.43 and a beta of 1.03.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.84. Bank of Montreal had a return on equity of 10.18% and a net margin of 9.22%. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. During the same quarter last year, the firm posted $2.59 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, analysts forecast that Bank of Montreal will post 7.71 earnings per share for the current year.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be given a dividend of $1.1801 per share. The ex-dividend date of this dividend is Wednesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.11. This represents a $4.72 dividend on an annualized basis and a yield of 4.41%. Bank of Montreal’s payout ratio is presently 58.75%.

Institutional Trading of Bank of Montreal

Several large investors have recently bought and sold shares of the business. Cary Street Partners Investment Advisory LLC grew its position in shares of Bank of Montreal by 228.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank’s stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. IFP Advisors Inc boosted its stake in Bank of Montreal by 179.5% during the fourth quarter. IFP Advisors Inc now owns 313 shares of the bank’s stock worth $30,000 after buying an additional 201 shares during the last quarter. Addison Advisors LLC grew its holdings in Bank of Montreal by 282.8% in the 4th quarter. Addison Advisors LLC now owns 333 shares of the bank’s stock valued at $32,000 after buying an additional 246 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Bank of Montreal in the 1st quarter worth $34,000. Finally, Vision Financial Markets LLC purchased a new position in shares of Bank of Montreal during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank of Montreal Company Profile

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.