Bank of Montreal (NYSE:BMO) (TSE:BMO) declared a quarterly dividend on Wednesday, May 27th, Zacks reports. Shareholders of record on Tuesday, August 4th will be given a dividend of 0.76 per share by the bank on Wednesday, August 26th. This represents a $3.04 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date is Monday, August 3rd.
Bank of Montreal has raised its dividend by an average of 20.7% annually over the last three years and has raised its dividend every year for the last 3 years. Bank of Montreal has a payout ratio of 54.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of Montreal to earn $5.52 per share next year, which means the company should continue to be able to cover its $3.02 annual dividend with an expected future payout ratio of 54.7%.
Bank of Montreal stock opened at $55.52 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $54.37 and a two-hundred day moving average price of $57.99. The firm has a market capitalization of $35.70 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 2.39 and a beta of 1.11. Bank of Montreal has a 52-week low of $38.31 and a 52-week high of $79.93.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.10. The company had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.99 billion. Bank of Montreal had a net margin of 13.51% and a return on equity of 11.85%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.30 EPS. Research analysts expect that Bank of Montreal will post 4.96 earnings per share for the current year.
A number of brokerages have recently weighed in on BMO. Credit Suisse Group began coverage on shares of Bank of Montreal in a research note on Monday, June 29th. They issued a “hold” rating and a $76.00 price target for the company. Zacks Investment Research raised shares of Bank of Montreal from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Tuesday. Royal Bank of Canada reaffirmed a “market perform” rating on shares of Bank of Montreal in a research note on Friday, May 29th. National Bank Financial lowered shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 price target for the company. in a research note on Thursday, May 28th. Finally, Canaccord Genuity upped their price target on shares of Bank of Montreal from $73.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. Bank of Montreal currently has an average rating of “Hold” and an average price target of $77.90.
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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