Bank Of Montreal (NYSE:BMO) Sets New 52-Week High - Here's What Happened

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.

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

Wall Street Analyst Weigh In

BMO has been the subject of a number of research analyst reports. Scotiabank reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. CIBC raised Bank Of Montreal from a "neutral" rating to a "sector outperform" rating in a research report on Friday, September 5th. Wall Street Zen downgraded Bank Of Montreal from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Cowen restated a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Finally, Royal Bank Of Canada boosted their target price on Bank Of Montreal from $161.00 to $168.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Bank Of Montreal Trading Down 0.3%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50 day simple moving average of $116.10 and a two-hundred day simple moving average of $105.84. The firm has a market cap of $90.52 billion, a PE ratio of 15.47, a P/E/G ratio of 1.30 and a beta of 1.04.

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

Bank Of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Thursday, October 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. Bank Of Montreal's payout ratio is currently 57.53%.

Hedge Funds Weigh In On Bank Of Montreal

A number of large investors have recently bought and sold shares of BMO. Brooklyn FI LLC acquired a new position in Bank Of Montreal in the 4th quarter worth about $214,000. Captrust Financial Advisors grew its position in Bank Of Montreal by 177.4% in the fourth quarter. Captrust Financial Advisors now owns 8,325 shares of the bank's stock worth $808,000 after acquiring an additional 5,324 shares during the period. Focus Partners Wealth boosted its position in shares of Bank Of Montreal by 122.7% during the fourth quarter. Focus Partners Wealth now owns 7,527 shares of the bank's stock worth $731,000 after buying an additional 4,147 shares during the period. Janus Henderson Group PLC boosted its position in shares of Bank Of Montreal by 7.9% during the fourth quarter. Janus Henderson Group PLC now owns 76,763 shares of the bank's stock worth $7,445,000 after buying an additional 5,600 shares during the period. Finally, Man Group plc boosted its position in shares of Bank Of Montreal by 52.1% during the fourth quarter. Man Group plc now owns 52,757 shares of the bank's stock worth $5,120,000 after buying an additional 18,075 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.