Bank of Montreal (NYSE:BMO) Releases Quarterly Earnings Results, Beats Estimates By $0.63 EPS

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) announced its earnings results on Wednesday. The bank reported $3.23 EPS for the quarter, topping the consensus estimate of $2.60 by $0.63, Briefing.com reports. The business had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $6.69 billion. Bank of Montreal had a return on equity of 17.71% and a net margin of 26.09%. Bank of Montreal’s revenue was up 53.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.49 EPS.

Shares of NYSE BMO opened at $103.66 on Thursday. The firm has a market cap of $69.62 billion, a PE ratio of 10.01, a PEG ratio of 1.42 and a beta of 1.19. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Bank of Montreal has a 1-year low of $95.37 and a 1-year high of $122.77. The company has a fifty day moving average price of $111.34 and a 200 day moving average price of $111.92.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Tuesday, August 2nd will be paid a $1.081 dividend. The ex-dividend date is Monday, August 1st. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.05. This represents a $4.32 dividend on an annualized basis and a yield of 4.17%. Bank of Montreal’s dividend payout ratio is presently 41.02%.

Several research firms recently weighed in on BMO. Zacks Investment Research cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. StockNews.com began coverage on shares of Bank of Montreal in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Stifel Nicolaus dropped their price objective on shares of Bank of Montreal from C$172.00 to C$171.00 and set a “buy” rating for the company in a research report on Friday, April 8th. TD Securities boosted their price objective on shares of Bank of Montreal from C$170.00 to C$175.00 and gave the stock a “buy” rating in a research report on Wednesday, March 2nd. Finally, Credit Suisse Group initiated coverage on shares of Bank of Montreal in a research report on Friday, May 20th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $158.71.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Community Trust NA acquired a new position in shares of Bank of Montreal during the 4th quarter worth about $76,000. Laurel Wealth Advisors Inc. acquired a new stake in Bank of Montreal in the 1st quarter valued at about $202,000. Sequoia Financial Advisors LLC acquired a new stake in Bank of Montreal in the 1st quarter valued at about $225,000. Advisory Services Network LLC acquired a new stake in Bank of Montreal in the 1st quarter valued at about $263,000. Finally, Belpointe Asset Management LLC lifted its stake in Bank of Montreal by 32.5% in the 4th quarter. Belpointe Asset Management LLC now owns 2,725 shares of the bank’s stock valued at $293,000 after purchasing an additional 668 shares during the last quarter. 39.47% of the stock is owned by hedge funds and other institutional investors.

About Bank of Montreal (Get Rating)

Bank of Montreal provides diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.

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