Equities Analysts Issue Forecasts for Bank of Montreal’s Q3 2024 Earnings (TSE:BMO)

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Analysts at National Bank Financial lowered their Q3 2024 EPS estimates for shares of Bank of Montreal in a research report issued to clients and investors on Thursday, August 15th. National Bank Financial analyst G. Dechaine now forecasts that the bank will post earnings of $2.67 per share for the quarter, down from their prior estimate of $2.95. The consensus estimate for Bank of Montreal’s current full-year earnings is $11.64 per share. National Bank Financial also issued estimates for Bank of Montreal’s Q4 2024 earnings at $2.67 EPS, FY2024 earnings at $10.48 EPS and FY2025 earnings at $11.82 EPS.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last issued its quarterly earnings results on Wednesday, May 29th. The bank reported C$2.59 EPS for the quarter, missing analysts’ consensus estimates of C$2.74 by C($0.15). The firm had revenue of C$7.97 billion for the quarter, compared to analysts’ expectations of C$8.06 billion. Bank of Montreal had a net margin of 20.07% and a return on equity of 8.19%.

Several other analysts have also issued reports on the stock. UBS Group set a C$122.00 price target on shares of Bank of Montreal and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. TD Securities cut their price objective on shares of Bank of Montreal from C$134.00 to C$130.00 in a research report on Thursday, August 8th. Cormark decreased their target price on shares of Bank of Montreal from C$141.00 to C$133.00 in a report on Thursday, May 30th. Scotiabank reduced their target price on Bank of Montreal from C$129.00 to C$123.00 in a research report on Monday. Finally, Barclays lowered their price target on Bank of Montreal from C$140.00 to C$132.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$128.14.

Bank of Montreal Stock Performance

Shares of Bank of Montreal stock opened at C$117.83 on Monday. The stock has a market capitalization of C$85.93 billion, a P/E ratio of 14.13, a P/E/G ratio of 0.54 and a beta of 1.16. Bank of Montreal has a 52-week low of C$102.67 and a 52-week high of C$133.95. The stock’s 50-day simple moving average is C$115.94 and its 200 day simple moving average is C$122.90.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 27th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, July 30th. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.51. This represents a $6.20 annualized dividend and a yield of 5.26%. Bank of Montreal’s payout ratio is currently 74.34%.

Bank of Montreal Company Profile

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.