Bank Of Montreal (NYSE:BMO) Hits New 52-Week High – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO) hit a new 52-week high on Thursday . The stock traded as high as $137.62 and last traded at $137.5170, with a volume of 84414 shares. The stock had previously closed at $135.77.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BMO shares. Royal Bank Of Canada downgraded Bank Of Montreal from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $168.00 to $163.00 in a research report on Friday, October 3rd. TD Securities reiterated a “hold” rating on shares of Bank Of Montreal in a research note on Friday, December 5th. Wall Street Zen upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank Of Montreal in a research report on Monday, December 29th. Finally, Raymond James Financial initiated coverage on Bank Of Montreal in a report on Monday, November 24th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $163.00.

Bank Of Montreal Trading Up 1.5%

The company has a fifty day moving average of $129.08 and a two-hundred day moving average of $123.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $97.46 billion, a price-to-earnings ratio of 16.87, a P/E/G ratio of 1.11 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Thursday, December 4th. The bank reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.20. The company had revenue of $6.67 billion for the quarter, compared to analysts’ expectations of $6.51 billion. Bank Of Montreal had a net margin of 11.13% and a return on equity of 11.76%. Bank Of Montreal’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 EPS. On average, research analysts expect that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Friday, January 30th will be paid a dividend of $1.67 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, January 30th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.8%. Bank Of Montreal’s dividend payout ratio (DPR) is currently 57.35%.

Institutional Investors Weigh In On Bank Of Montreal

Several institutional investors have recently made changes to their positions in BMO. True Wealth Design LLC acquired a new position in Bank Of Montreal during the third quarter worth about $28,000. WFA of San Diego LLC purchased a new stake in shares of Bank Of Montreal during the 2nd quarter worth approximately $28,000. Larson Financial Group LLC grew its holdings in shares of Bank Of Montreal by 466.7% in the 3rd quarter. Larson Financial Group LLC now owns 238 shares of the bank’s stock worth $31,000 after acquiring an additional 196 shares during the period. Flagship Harbor Advisors LLC purchased a new position in Bank Of Montreal in the 4th quarter valued at approximately $34,000. Finally, Harbor Asset Planning Inc. acquired a new position in Bank Of Montreal during the second quarter worth $39,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

About Bank Of Montreal

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.