Bank of Montreal (NYSE:BMO) Posts Quarterly Earnings Results, Meets Expectations

Bank of Montreal (NYSE:BMO) (TSE:BMO) posted its quarterly earnings data on Wednesday. The bank reported $1.84 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.84, Zacks reports. Bank of Montreal had a return on equity of 10.18% and a net margin of 9.22%. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $8.79 billion. During the same quarter last year, the firm earned $2.59 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis.

Bank of Montreal Stock Performance

BMO opened at $107.02 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11. Bank of Montreal has a 12-month low of $76.98 and a 12-month high of $108.38. The firm has a 50 day moving average of $97.00 and a two-hundred day moving average of $97.73. The firm has a market capitalization of $77.28 billion, a PE ratio of 15.33, a P/E/G ratio of 1.43 and a beta of 1.03.

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 issued a $1.1801 dividend. This represents a $4.72 annualized dividend and a yield of 4.41%. The ex-dividend date is Wednesday, July 30th. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.11. Bank of Montreal’s dividend payout ratio is 58.75%.

Analyst Ratings Changes

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

Institutional Trading of Bank of Montreal

A hedge fund recently raised its stake in Bank of Montreal stock. AQR Capital Management LLC boosted its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 87.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,742 shares of the bank’s stock after purchasing an additional 2,673 shares during the period. AQR Capital Management LLC’s holdings in Bank of Montreal were worth $548,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 45.82% of the company’s stock.

About Bank of Montreal

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.