UBS Group Begins Coverage on Bank of Montreal (NYSE:BMO)

UBS Group assumed coverage on shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in a report released on Tuesday, Marketbeat reports. The firm issued a neutral rating on the bank’s stock.

BMO has been the subject of a number of other research reports. Keefe, Bruyette & Woods downgraded shares of Bank of Montreal from an outperform rating to a market perform rating and cut their price objective for the company from $137.00 to $124.00 in a report on Monday, June 3rd. Desjardins downgraded Bank of Montreal from a buy rating to a hold rating in a research report on Wednesday, May 29th. Finally, Barclays started coverage on Bank of Montreal in a research note on Wednesday, March 20th. They set an overweight rating on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $127.50.

Bank of Montreal Stock Performance

Shares of NYSE:BMO opened at $84.97 on Tuesday. The business’s 50 day moving average price is $89.01 and its 200-day moving average price is $92.81. 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. The firm has a market capitalization of $61.97 billion, a PE ratio of 14.11, a P/E/G ratio of 2.09 and a beta of 1.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Wednesday, May 29th. The bank reported $1.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.10). The business had revenue of $5.88 billion for the quarter, compared to analysts’ expectations of $5.96 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. As a group, equities research analysts expect that Bank of Montreal will post 7.91 earnings per share for the current fiscal year.

Bank of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, July 30th will be given a $1.125 dividend. This represents a $4.50 annualized dividend and a yield of 5.30%. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.12. The ex-dividend date is Tuesday, July 30th. Bank of Montreal’s dividend payout ratio is presently 74.25%.

Hedge Funds Weigh In On Bank of Montreal

Several large investors have recently modified their holdings of BMO. Principal Securities Inc. purchased a new stake in Bank of Montreal in the 4th quarter valued at about $33,000. Cullen Frost Bankers Inc. raised its stake in shares of Bank of Montreal by 3,375.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 417 shares of the bank’s stock valued at $41,000 after acquiring an additional 405 shares during the period. Headlands Technologies LLC acquired a new position in shares of Bank of Montreal in the 4th quarter worth approximately $44,000. EverSource Wealth Advisors LLC boosted its position in shares of Bank of Montreal by 39.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock worth $46,000 after purchasing an additional 130 shares during the period. Finally, IAG Wealth Partners LLC increased its holdings in Bank of Montreal by 117.5% in the 4th quarter. IAG Wealth Partners LLC now owns 496 shares of the bank’s stock valued at $49,000 after purchasing an additional 268 shares during the last quarter. Institutional investors and hedge funds own 45.82% 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.