FY2024 EPS Forecast for Bank of Montreal Reduced by Analyst

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities researchers at National Bank Financial lowered their FY2024 EPS estimates for shares of Bank of Montreal in a report issued on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now expects that the bank will earn $7.34 per share for the year, down from their prior estimate of $7.63. The consensus estimate for Bank of Montreal’s current full-year earnings is $8.01 per share. National Bank Financial also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.74 EPS, FY2025 earnings at $8.17 EPS and FY2026 earnings at $9.27 EPS.

A number of other brokerages also recently issued reports on BMO. Bank of America downgraded Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their price target for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. TD Securities cut Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Barclays dropped their target price on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $119.75.

Bank of Montreal Trading Up 0.3 %

BMO opened at $94.89 on Thursday. The business has a fifty day simple moving average of $91.87 and a 200-day simple moving average of $88.28. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. Bank of Montreal has a 52 week low of $76.98 and a 52 week high of $100.12. The firm has a market cap of $69.23 billion, a P/E ratio of 14.94, a P/E/G ratio of 2.41 and a beta of 1.10.

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 company had revenue of $8.21 billion during the quarter, compared to analyst estimates of $8.25 billion. During the same quarter last year, the business earned $2.08 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year.

Hedge Funds Weigh In On Bank of Montreal

A number of large investors have recently bought and sold shares of BMO. Strategic Investment Solutions Inc. IL acquired a new position in shares of Bank of Montreal in the 2nd quarter valued at approximately $34,000. Rothschild Investment LLC bought a new position in shares of Bank of Montreal during the 2nd quarter worth about $40,000. GHP Investment Advisors Inc. increased its holdings in shares of Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after acquiring an additional 393 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Bank of Montreal by 34.6% during the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after buying an additional 160 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Bank of Montreal by 207.8% during the 3rd quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock worth $56,000 after purchasing an additional 451 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be given a dividend of $1.123 per share. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a dividend yield of 4.73%. Bank of Montreal’s payout ratio is currently 72.13%.

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.