Desjardins Decreases Earnings Estimates for Bank of Montreal

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Stock analysts at Desjardins dropped their FY2024 earnings per share estimates for shares of Bank of Montreal in a research report issued to clients and investors on Friday, November 1st. Desjardins analyst D. Young now forecasts that the bank will post earnings per share of $10.09 for the year, down from their previous estimate of $10.30. Desjardins currently has a “Hold” rating and a $120.00 target price on the stock. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.65 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $2.31 EPS and FY2025 earnings at $10.80 EPS.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last released its quarterly earnings results on Tuesday, August 27th. The bank reported C$2.64 EPS for the quarter, missing the consensus estimate of C$2.72 by C($0.08). The firm had revenue of C$8.19 billion for the quarter, compared to analyst estimates of C$8.23 billion. Bank of Montreal had a return on equity of 8.49% and a net margin of 21.20%.

A number of other analysts have also commented on BMO. Royal Bank of Canada decreased their price objective on Bank of Montreal from C$118.00 to C$106.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 28th. Jefferies Financial Group reduced their price objective on Bank of Montreal from C$141.00 to C$124.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Cormark dropped their price objective on Bank of Montreal from C$129.00 to C$118.00 in a research note on Wednesday, August 28th. Canaccord Genuity Group lowered their price target on Bank of Montreal from C$135.00 to C$130.00 and set a “buy” rating on the stock in a report on Wednesday, August 28th. Finally, TD Securities downgraded Bank of Montreal from a “buy” rating to a “hold” rating and lowered their target price for the company from C$130.00 to C$114.00 in a research note on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of Montreal currently has a consensus rating of “Hold” and a consensus target price of C$120.77.

Bank of Montreal Price Performance

Bank of Montreal stock opened at C$126.33 on Monday. Bank of Montreal has a 1-year low of C$106.40 and a 1-year high of C$133.95. The company has a market cap of C$92.15 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.71 and a beta of 1.16. The stock’s 50 day moving average price is C$121.37 and its 200 day moving average price is C$120.64.

Bank of Montreal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 26th will be given a dividend of $1.55 per share. The ex-dividend date is Wednesday, October 30th. This represents a $6.20 annualized dividend and a dividend yield of 4.91%. Bank of Montreal’s payout ratio is 71.35%.

Insider Activity

In other news, Senior Officer Steven Lloyd Tennyson sold 7,908 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$112.16, for a total transaction of C$886,977.10. In other news, Senior Officer Steven Lloyd Tennyson sold 7,908 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$112.16, for a total transaction of C$886,977.10. Also, Senior Officer David Robert Casper sold 12,819 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of C$121.85, for a total value of C$1,562,007.97. Corporate insiders own 0.03% of the company’s stock.

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.