Bank of Montreal Plans Quarterly Dividend of $1.12 (NYSE:BMO)

Bank of Montreal (NYSE:BMO) (TSE:BMO) announced a quarterly dividend on Tuesday, August 27th, Zacks reports. Investors of record on Wednesday, October 30th will be paid a dividend of 1.123 per share by the bank on Tuesday, November 26th. This represents a $4.49 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend is Wednesday, October 30th.

Bank of Montreal has raised its dividend by an average of 11.0% per year over the last three years. Bank of Montreal has a dividend payout ratio of 56.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of Montreal to earn $8.75 per share next year, which means the company should continue to be able to cover its $4.48 annual dividend with an expected future payout ratio of 51.2%.

Bank of Montreal Trading Up 0.8 %

Shares of NYSE:BMO opened at $93.55 on Tuesday. The stock’s 50-day simple moving average is $88.63 and its two-hundred day simple moving average is $88.05. The stock has a market capitalization of $68.22 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 2.47 and a beta of 1.11. Bank of Montreal has a 52-week low of $74.48 and a 52-week high of $100.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.12). Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The business had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter last year, the firm posted $2.08 earnings per share. The business’s quarterly revenue was up .2% compared to the same quarter last year. Analysts expect that Bank of Montreal will post 8.06 EPS for the current year.

Wall Street Analyst Weigh In

BMO has been the topic of several analyst reports. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $123.00 to $112.00 in a research report on Wednesday, August 28th. Jefferies Financial Group lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. TD Securities downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Finally, UBS Group assumed coverage on shares of Bank of Montreal in a research report on Tuesday, July 2nd. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Bank of Montreal has an average rating of “Hold” and a consensus price target of $119.75.

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.