Zacks: Brokerages Anticipate Bank of Montreal (BMO) Will Announce Quarterly Sales of $4.39 Billion

Wall Street analysts expect Bank of Montreal (NYSE:BMO) (TSE:BMO) to report sales of $4.39 billion for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Bank of Montreal’s earnings, with the lowest sales estimate coming in at $4.25 billion and the highest estimate coming in at $4.53 billion. Bank of Montreal reported sales of $4.53 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 3.1%. The business is expected to report its next quarterly earnings report before the market opens on Tuesday, December 4th.

On average, analysts expect that Bank of Montreal will report full year sales of $17.11 billion for the current fiscal year, with estimates ranging from $16.69 billion to $17.54 billion. For the next fiscal year, analysts forecast that the business will report sales of $17.88 billion, with estimates ranging from $17.33 billion to $18.43 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Bank of Montreal.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 28th. The bank reported $1.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.07. The firm had revenue of $4.51 billion for the quarter, compared to analyst estimates of $4.45 billion. Bank of Montreal had a net margin of 16.17% and a return on equity of 14.75%.

BMO has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Barclays reiterated a “hold” rating on shares of Bank of Montreal in a report on Friday, November 16th. ValuEngine downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Finally, Canaccord Genuity upgraded shares of Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $106.50.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legacy Capital Partners Inc. increased its holdings in shares of Bank of Montreal by 1.0% during the 2nd quarter. Legacy Capital Partners Inc. now owns 67,287 shares of the bank’s stock worth $5,199,000 after buying an additional 650 shares during the last quarter. JCIC Asset Management Inc. increased its holdings in Bank of Montreal by 7.9% in the 3rd quarter. JCIC Asset Management Inc. now owns 9,956 shares of the bank’s stock valued at $822,000 after purchasing an additional 728 shares during the last quarter. Hugh Johnson Advisors LLC increased its holdings in Bank of Montreal by 11.9% in the 2nd quarter. Hugh Johnson Advisors LLC now owns 7,330 shares of the bank’s stock valued at $566,000 after purchasing an additional 782 shares during the last quarter. Signaturefd LLC increased its holdings in Bank of Montreal by 29.0% in the 2nd quarter. Signaturefd LLC now owns 3,594 shares of the bank’s stock valued at $278,000 after purchasing an additional 809 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Bank of Montreal by 148.1% in the 2nd quarter. AdvisorNet Financial Inc now owns 1,526 shares of the bank’s stock valued at $118,000 after purchasing an additional 911 shares during the last quarter. Institutional investors and hedge funds own 43.67% of the company’s stock.

Bank of Montreal stock traded up $1.09 during midday trading on Friday, reaching $73.83. The company had a trading volume of 832,024 shares, compared to its average volume of 743,669. The firm has a market capitalization of $46.58 billion, a PE ratio of 11.83, a P/E/G ratio of 1.20 and a beta of 1.10. Bank of Montreal has a 12-month low of $72.53 and a 12-month high of $84.71. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.14.

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a dividend yield of 4.00%. Bank of Montreal’s dividend payout ratio is currently 46.79%.

About Bank of Montreal

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.

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