Bank of Montreal (TSE:BMO) Price Target Cut to C$261.00 by Analysts at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce lowered Bank of Montreal’s price target to C$261 from C$272 while maintaining a “neutral” rating, implying roughly 7.17% upside from the previous close.
• Analyst sentiment remains mixed: seven analysts rate the stock a Buy, five a Hold, and one a Sell, resulting in a consensus “Hold” rating and average price target of C$256.57.
• Bank of Montreal shares rose to C$243.53, while the bank reported quarterly earnings of C$3.96 per share and revenue of C$9.96 billion; insiders have sold nearly C$9.9 million worth of shares over the past three months.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO had its price target decreased by analysts at Canadian Imperial Bank of Commerce from C$272.00 to C$261.00 in a note issued to investors on Thursday, BayStreet reports. The brokerage currently has a "neutral" rating on the bank's stock. Canadian Imperial Bank of Commerce's price objective indicates a potential upside of 7.17% from the stock's previous close.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group increased their price target on Bank of Montreal from C$265.00 to C$271.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Desjardins set a C$260.00 price objective on Bank of Montreal and gave the company a "hold" rating in a research report on Wednesday. Barclays upped their price objective on Bank of Montreal from C$203.00 to C$240.00 in a research note on Friday, August 21st. Raymond James Financial increased their target price on Bank of Montreal from C$233.50 to C$268.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Finally, Scotiabank raised their target price on Bank of Montreal from C$234.00 to C$239.00 and gave the company a "sector outperform" rating in a research note on Tuesday, June 16th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of C$256.57.

Bank of Montreal Stock Performance

Shares of Bank of Montreal stock traded up C$4.24 during trading hours on Thursday, reaching C$243.53. The company's stock had a trading volume of 579,043 shares, compared to its average volume of 2,457,803. Bank of Montreal has a one year low of C$168.92 and a one year high of C$259.20. The company's 50 day simple moving average is C$249.25 and its 200 day simple moving average is C$222.22. The stock has a market cap of C$169.78 billion, a P/E ratio of 19.85, a price-to-earnings-growth ratio of 0.71 and a beta of 1.22.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO last released its quarterly earnings data on Tuesday, August 25th. The bank reported C$3.96 earnings per share for the quarter. Bank of Montreal had a net margin of 11.75% and a return on equity of 10.58%. The firm had revenue of C$9.96 billion for the quarter. On average, sell-side analysts predict that Bank of Montreal will post 9.6514585 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Tayfun Tuzun sold 20,300 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of C$236.69, for a total value of C$4,804,807.00. Also, insider Mona Elizabeth Malone sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of C$244.65, for a total transaction of C$1,223,250.00. Following the transaction, the insider directly owned 1,758 shares in the company, valued at approximately C$430,094.70. The trade was a 73.99% decrease in their position. Insiders have sold 41,452 shares of company stock worth $9,886,849 over the last three months. Corporate insiders own 0.03% of the company's stock.

Bank of Montreal Company Profile

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.

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