FY2024 EPS Estimate for Bank of Montreal Lowered by Analyst

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities research analysts at Desjardins lowered their FY2024 EPS estimates for Bank of Montreal in a report released on Friday, November 1st. Desjardins analyst D. Young now expects that the bank will post earnings of $7.26 per share for the year, down from their prior forecast of $7.62. The consensus estimate for Bank of Montreal’s current full-year earnings is $8.00 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.66 EPS and FY2025 earnings at $7.78 EPS.

Other equities analysts have also issued reports about the stock. Barclays cut their price target on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating and cut their price target for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. Jefferies Financial Group downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. StockNews.com lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Finally, Scotiabank lowered Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $123.00 to $112.00 in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Stock Performance

Shares of BMO stock opened at $91.31 on Monday. The company’s 50 day moving average is $89.18 and its 200 day moving average is $88.03. 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 $76.83 and a 52-week high of $100.12. The firm has a market cap of $66.61 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 2.33 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 EPS for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The company had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The company’s revenue for the quarter was up .2% on a year-over-year basis.

Bank of Montreal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders 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 4.92%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is presently 72.13%.

Hedge Funds Weigh In On Bank of Montreal

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in Bank of Montreal during the second quarter worth $34,000. Rothschild Investment LLC purchased a new stake in Bank of Montreal during the second quarter worth $40,000. GHP Investment Advisors Inc. grew its holdings in Bank of Montreal by 244.1% in the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after purchasing an additional 393 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after acquiring 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 valued at $56,000 after acquiring an additional 451 shares in the last quarter. 45.82% of the stock is currently owned by hedge funds and other 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.