Bank of Montreal (NYSE:BMO) to Post Q1 2023 Earnings of $2.80 Per Share, Cormark Forecasts

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) – Research analysts at Cormark issued their Q1 2023 earnings estimates for Bank of Montreal in a report released on Wednesday, August 31st. Cormark analyst L. Persaud forecasts that the bank will earn $2.80 per share for the quarter. The consensus estimate for Bank of Montreal’s current full-year earnings is $10.37 per share. Cormark also issued estimates for Bank of Montreal’s Q2 2023 earnings at $2.96 EPS, Q3 2023 earnings at $2.85 EPS and Q4 2023 earnings at $2.97 EPS.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets downgraded shares of Bank of Montreal from a “buy” rating to a “reduce” rating and decreased their price objective for the company from C$152.50 to C$150.50 in a report on Wednesday. Credit Suisse Group began coverage on shares of Bank of Montreal in a research report on Friday, May 20th. They set an “outperform” rating for the company. TD Securities lowered their target price on shares of Bank of Montreal from C$160.00 to C$155.00 and set a “buy” rating for the company in a research note on Thursday, May 26th. Stifel Europe increased their target price on shares of Bank of Montreal from C$157.00 to C$160.00 in a research note on Thursday, May 26th. Finally, Desjardins lowered their target price on shares of Bank of Montreal from C$153.00 to C$150.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Bank of Montreal presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.72.

Bank of Montreal Stock Performance

BMO opened at $92.70 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.14. The company has a market cap of $62.53 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 1.52 and a beta of 1.17. Bank of Montreal has a 52-week low of $90.41 and a 52-week high of $122.77. The firm’s fifty day simple moving average is $98.16 and its two-hundred day simple moving average is $106.40.

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 30th. The bank reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.63. The business had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $6.87 billion. Bank of Montreal had a net margin of 33.03% and a return on equity of 17.05%. The company’s revenue was down 19.3% compared to the same quarter last year. During the same period last year, the firm posted $2.80 earnings per share.

Bank of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Tuesday, November 1st will be paid a $1.086 dividend. The ex-dividend date of this dividend is Monday, October 31st. This represents a $4.34 dividend on an annualized basis and a yield of 4.69%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08. Bank of Montreal’s payout ratio is currently 30.06%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BMO. Amundi raised its holdings in Bank of Montreal by 8.4% during the second quarter. Amundi now owns 703,416 shares of the bank’s stock worth $64,082,000 after purchasing an additional 54,273 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Bank of Montreal in the 2nd quarter valued at $663,000. Summit Global Investments increased its holdings in shares of Bank of Montreal by 130.2% in the 2nd quarter. Summit Global Investments now owns 28,297 shares of the bank’s stock valued at $2,721,000 after acquiring an additional 16,005 shares during the period. Captrust Financial Advisors increased its holdings in shares of Bank of Montreal by 66.9% in the 2nd quarter. Captrust Financial Advisors now owns 2,818 shares of the bank’s stock valued at $271,000 after acquiring an additional 1,130 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Bank of Montreal by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 4,131,495 shares of the bank’s stock valued at $396,426,000 after acquiring an additional 116,733 shares during the period. Hedge funds and other institutional investors own 42.52% of the company’s stock.

About Bank of Montreal

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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.

Further Reading

Earnings History and Estimates for Bank of Montreal (NYSE:BMO)

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