Bank Of Montreal (NYSE:BMO) Hits New 12-Month High - Time to Buy?

Key Points

• Bank Of Montreal's share price has reached a new **52-week high** of $127.29, reflecting strong trading activity with a volume of **569,254 shares**.
• The bank is set to pay a quarterly dividend of **$1.63 per share** on November 26, 2023, increasing from the previous dividend of **$1.18**, which corresponds to a **5.2% dividend yield**.
• Analysts have mixed ratings for the stock, with a consensus rating of **"Moderate Buy"** and a target price increase to **$168.00**, indicating continued confidence in the bank's performance.

Shares of Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $127.29 and last traded at $126.53, with a volume of 569254 shares. The stock had previously closed at $126.95.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BMO shares. UBS Group reaffirmed a "neutral" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. CIBC raised shares of Bank Of Montreal from a "neutral" rating to a "sector outperform" rating in a research report on Friday, September 5th. Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Scotiabank reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Finally, Cowen reaffirmed a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank Of Montreal presently has a consensus rating of "Moderate Buy" and an average price target of $168.00.

Bank Of Montreal Trading Up 0.6%

The company's 50-day moving average is $116.10 and its 200-day moving average is $105.86. The firm has a market cap of $91.01 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 1.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.21. The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.64 EPS. On average, research analysts predict that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be given a dividend of $1.63 per share. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. This represents a $6.52 annualized dividend and a yield of 5.1%. Bank Of Montreal's dividend payout ratio is currently 58.63%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ascent Group LLC lifted its position in Bank Of Montreal by 3.5% during the 2nd quarter. Ascent Group LLC now owns 2,756 shares of the bank's stock worth $305,000 after buying an additional 92 shares in the last quarter. North Star Asset Management Inc. lifted its position in Bank Of Montreal by 1.2% during the 4th quarter. North Star Asset Management Inc. now owns 8,422 shares of the bank's stock valued at $817,000 after purchasing an additional 100 shares during the period. Princeton Global Asset Management LLC lifted its position in Bank Of Montreal by 40.0% during the 2nd quarter. Princeton Global Asset Management LLC now owns 350 shares of the bank's stock valued at $39,000 after purchasing an additional 100 shares during the period. Focus Partners Advisor Solutions LLC lifted its position in Bank Of Montreal by 4.5% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 2,616 shares of the bank's stock valued at $289,000 after purchasing an additional 112 shares during the period. Finally, J.W. Cole Advisors Inc. lifted its position in Bank Of Montreal by 3.7% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 3,283 shares of the bank's stock valued at $363,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank Of Montreal Company Profile

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.