Equities Analysts Offer Predictions for Bank of Montreal’s FY2024 Earnings (NYSE:BMO)

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities research analysts at Desjardins dropped their FY2024 EPS estimates for shares of Bank of Montreal in a note issued to investors on Tuesday, August 27th. Desjardins analyst D. Young now forecasts that the bank will post earnings of $7.62 per share for the year, down from their previous estimate of $7.74. Desjardins currently has a “Hold” rating on the stock. The consensus estimate for Bank of Montreal’s current full-year earnings is $7.91 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.86 EPS and FY2025 earnings at $8.36 EPS.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The company had revenue of $8.21 billion for the quarter, compared to analyst estimates of $8.25 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. Bank of Montreal’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.08 earnings per share.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday. Jefferies Financial Group cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays decreased their price target on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Bank of America lowered shares of Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $134.00 to $117.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $119.75.

Bank of Montreal Price Performance

BMO stock opened at $82.96 on Thursday. The company has a 50 day simple moving average of $84.70 and a 200 day simple moving average of $89.75. The stock has a market cap of $60.50 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 2.04 and a beta of 1.12. Bank of Montreal has a 1 year low of $73.98 and a 1 year high of $100.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.99 and a quick ratio of 0.99.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be paid a dividend of $1.123 per share. This represents a $4.49 annualized dividend and a yield of 5.41%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is presently 75.25%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BMO. Canoe Financial LP raised its holdings in Bank of Montreal by 300,456.3% during the fourth quarter. Canoe Financial LP now owns 105,510,305 shares of the bank’s stock worth $10,439,190,000 after buying an additional 105,475,200 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of Montreal in the fourth quarter valued at about $812,644,000. FIL Ltd raised its holdings in shares of Bank of Montreal by 138.3% in the fourth quarter. FIL Ltd now owns 9,872,642 shares of the bank’s stock valued at $976,870,000 after purchasing an additional 5,729,145 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Bank of Montreal by 38.0% in the first quarter. National Bank of Canada FI now owns 14,069,787 shares of the bank’s stock valued at $1,318,457,000 after purchasing an additional 3,874,573 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Bank of Montreal by 19.9% in the fourth quarter. TD Asset Management Inc now owns 19,225,705 shares of the bank’s stock valued at $1,911,635,000 after purchasing an additional 3,187,998 shares during the last quarter. 45.82% of the stock is owned by institutional investors.

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.