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

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $109.13 and last traded at $109.03, with a volume of 520766 shares changing hands. The stock had previously closed at $106.64.

Wall Street Analysts Forecast Growth

BMO has been the topic of several recent analyst reports. Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. CIBC restated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Scotiabank started coverage on Bank Of Montreal in a research report on Thursday, May 15th. They set a "sector perform" rating on the stock. Cibc World Mkts lowered Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Wall Street Zen upgraded Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Nine investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $129.50.

Bank Of Montreal Price Performance

The business has a 50-day simple moving average of $102.67 and a 200 day simple moving average of $99.35. The stock has a market cap of $78.53 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 EPS for the quarter, meeting analysts' consensus estimates of $1.84. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. During the same quarter in the previous year, the company posted $2.59 EPS. The business's revenue was up 8.8% on a year-over-year basis. On average, analysts forecast 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 Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be given a $1.1801 dividend. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Wednesday, July 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's payout ratio is 57.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in Bank Of Montreal by 6.0% in the fourth quarter. Bank of New York Mellon Corp now owns 708,767 shares of the bank's stock worth $68,786,000 after acquiring an additional 40,135 shares in the last quarter. American Century Companies Inc. boosted its holdings in Bank Of Montreal by 8.0% in the fourth quarter. American Century Companies Inc. now owns 194,218 shares of the bank's stock worth $18,855,000 after acquiring an additional 14,351 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Bank Of Montreal by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,716 shares of the bank's stock worth $185,694,000 after acquiring an additional 64,799 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Bank Of Montreal by 58.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,618 shares of the bank's stock worth $448,000 after acquiring an additional 1,703 shares in the last quarter. Finally, Cary Street Partners Financial LLC bought a new position in Bank Of Montreal in the fourth quarter worth approximately $380,000. 45.82% of the stock is owned by institutional investors and hedge funds.

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.

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