Bank of Montreal (TSE:BMO) Sets New 12-Month High After Dividend Announcement

Bank of Montreal (TSE:BMO) (NYSE:BMO)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$26.14 and last traded at C$110.11, with a volume of 2405153 shares. The stock had previously closed at C$112.04.

The newly announced dividend which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be paid a dividend of $1.55 per share. The ex-dividend date is Wednesday, October 30th. This represents a $6.20 dividend on an annualized basis and a yield of 5.63%. Bank of Montreal’s dividend payout ratio (DPR) is 74.34%.

Wall Street Analyst Weigh In

BMO has been the topic of several research reports. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating and dropped their price objective for the stock from C$130.00 to C$114.00 in a research note on Wednesday. Keefe, Bruyette & Woods lowered Bank of Montreal from a “moderate buy” rating to a “hold” rating in a report on Monday, June 3rd. Cormark reduced their price objective on shares of Bank of Montreal from C$129.00 to C$118.00 in a research note on Wednesday. Scotiabank lowered Bank of Montreal from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$123.00 to C$112.00 in a report on Wednesday. Finally, Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the company from C$134.00 to C$117.00 in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of C$121.00.

Bank of Montreal Price Performance

The company has a market capitalization of C$80.28 billion, a PE ratio of 13.20, a P/E/G ratio of 0.54 and a beta of 1.16. The company has a 50-day moving average of C$116.25 and a two-hundred day moving average of C$122.69.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last posted its quarterly earnings results on Wednesday, May 29th. The bank reported C$2.59 earnings per share for the quarter, missing the consensus estimate of C$2.74 by C($0.15). The company had revenue of C$7.97 billion for the quarter, compared to the consensus estimate of C$8.06 billion. Bank of Montreal had a net margin of 20.07% and a return on equity of 8.19%. As a group, research analysts anticipate that Bank of Montreal will post 11.6437811 EPS for the current year.

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.