Zacks Investment Research Lowers Bank of Montreal (NYSE:BMO) to Hold

Zacks Investment Research downgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a buy rating to a hold rating in a research note released on Monday morning, Zacks.com reports.

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. “

Other research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Bank of Montreal from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Desjardins reissued a hold rating and set a $105.00 price target on shares of Bank of Montreal in a research report on Tuesday, November 5th. Credit Suisse Group raised shares of Bank of Montreal from an underperform rating to a neutral rating and set a $93.00 price target on the stock in a research report on Friday, September 6th. Finally, Scotiabank reissued a hold rating on shares of Bank of Montreal in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. Bank of Montreal presently has an average rating of Hold and an average target price of $98.25.

Shares of BMO stock traded down $0.41 on Monday, hitting $76.32. 435,033 shares of the stock traded hands, compared to its average volume of 522,587. The firm’s 50-day moving average price is $74.31 and its two-hundred day moving average price is $74.17. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $49.00 billion, a PE ratio of 10.92, a PEG ratio of 1.94 and a beta of 1.19. Bank of Montreal has a twelve month low of $62.79 and a twelve month high of $79.35.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.07). The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.82 billion. Bank of Montreal had a net margin of 16.48% and a return on equity of 14.14%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.31 EPS. On average, equities research analysts anticipate that Bank of Montreal will post 7.12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Friday, November 1st will be given a dividend of $0.781 per share. This is a boost from Bank of Montreal’s previous quarterly dividend of $0.77. The ex-dividend date is Thursday, October 31st. This represents a $3.12 annualized dividend and a dividend yield of 4.09%. Bank of Montreal’s payout ratio is presently 44.78%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bogart Wealth LLC raised its holdings in Bank of Montreal by 1.0% in the 3rd quarter. Bogart Wealth LLC now owns 36,437 shares of the bank’s stock valued at $2,687,000 after buying an additional 350 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Bank of Montreal by 0.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 817,743 shares of the bank’s stock valued at $60,309,000 after buying an additional 6,979 shares during the period. Greystone Managed Investments Inc. raised its holdings in Bank of Montreal by 3.0% in the 3rd quarter. Greystone Managed Investments Inc. now owns 610,894 shares of the bank’s stock valued at $45,023,000 after buying an additional 17,687 shares during the period. Tower Research Capital LLC TRC raised its holdings in Bank of Montreal by 266.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 28,232 shares of the bank’s stock valued at $2,080,000 after buying an additional 20,537 shares during the period. Finally, Lakeview Capital Partners LLC raised its holdings in Bank of Montreal by 4.5% in the 3rd quarter. Lakeview Capital Partners LLC now owns 3,135 shares of the bank’s stock valued at $231,000 after buying an additional 135 shares during the period. Hedge funds and other institutional investors own 42.21% of the company’s stock.

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, 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, as well as wealth management products and services, such as insurance products.

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