Canaccord Genuity Reaffirms “Buy” Rating for Bank of Montreal (BMO)

Canaccord Genuity reissued their buy rating on shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in a research note issued to investors on Thursday morning.

A number of other analysts have also recently commented on BMO. Zacks Investment Research cut shares of Bank of Montreal from a hold rating to a sell rating in a report on Friday, November 9th. Barclays restated a hold rating on shares of Bank of Montreal in a report on Friday, November 16th. Finally, ValuEngine cut shares of Bank of Montreal from a hold rating to a sell rating in a report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Bank of Montreal presently has an average rating of Hold and an average price target of $104.67.

Shares of BMO stock traded down $0.36 during mid-day trading on Thursday, reaching $73.47. 18,578 shares of the company’s stock traded hands, compared to its average volume of 731,715. Bank of Montreal has a 12 month low of $72.53 and a 12 month high of $84.71. The stock has a market cap of $47.28 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.14.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 28th. The bank reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.07. Bank of Montreal had a net margin of 16.17% and a return on equity of 14.75%. The firm had revenue of $4.51 billion for the quarter, compared to analysts’ expectations of $4.45 billion. On average, sell-side analysts forecast that Bank of Montreal will post 6.86 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be issued a dividend of $0.7386 per share. This represents a $2.95 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, October 31st. Bank of Montreal’s dividend payout ratio (DPR) is presently 46.79%.

Several hedge funds have recently made changes to their positions in BMO. Toronto Dominion Bank raised its position in shares of Bank of Montreal by 2.1% in the 3rd quarter. Toronto Dominion Bank now owns 13,796,285 shares of the bank’s stock worth $1,138,908,000 after purchasing an additional 279,329 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Bank of Montreal by 9.0% in the 3rd quarter. Acadian Asset Management LLC now owns 7,114,934 shares of the bank’s stock worth $586,434,000 after purchasing an additional 586,200 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Bank of Montreal by 5.0% in the 3rd quarter. Mackenzie Financial Corp now owns 6,819,383 shares of the bank’s stock worth $562,804,000 after purchasing an additional 321,692 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Bank of Montreal by 0.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 6,370,935 shares of the bank’s stock worth $494,015,000 after purchasing an additional 23,169 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. raised its position in shares of Bank of Montreal by 5,646.1% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 6,276,187 shares of the bank’s stock worth $485,226,000 after purchasing an additional 6,166,961 shares during the last quarter. Hedge funds and other institutional investors own 43.67% of the company’s stock.

Bank of Montreal Company Profile

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, creditor insurance products, 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.

Further Reading: Candlestick

Analyst Recommendations for Bank of Montreal (NYSE:BMO)

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