Bank of Montreal (NYSE:BMO) Sets New 52-Week High - Here's Why

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO's stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $108.38 and last traded at $106.72, with a volume of 288762 shares traded. The stock had previously closed at $104.81.

Analysts Set New Price Targets

BMO has been the topic of a number of analyst reports. Royal Bank of Canada lifted their target price on shares of Bank of Montreal from $161.00 to $163.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Cibc World Mkts cut shares of Bank of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Scotiabank assumed coverage on shares of Bank of Montreal in a research report on Thursday, May 15th. They issued a "sector perform" rating on the stock. CIBC restated a "neutral" rating on shares of Bank of Montreal in a research report on Tuesday, May 20th. Finally, Wall Street Zen upgraded shares of Bank of Montreal from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Bank of Montreal has a consensus rating of "Hold" and a consensus price target of $128.40.

Bank of Montreal Price Performance

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The business's 50-day simple moving average is $97.18 and its 200-day simple moving average is $97.82. The stock has a market cap of $77.56 billion, a PE ratio of 15.39, a PEG ratio of 1.43 and a beta of 1.03.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.84. Bank of Montreal had a net margin of 9.22% and a return on equity of 10.18%. The company had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $8.79 billion. During the same quarter in the previous year, the company earned $2.59 earnings per share. Bank of Montreal's quarterly revenue was up 8.8% on a year-over-year basis. On average, research analysts expect that Bank of Montreal will post 7.71 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be given a dividend of $1.1801 per share. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 annualized dividend and a dividend yield of 4.39%. This is a boost from Bank of Montreal's previous quarterly dividend of $1.11. Bank of Montreal's payout ratio is currently 58.75%.

Hedge Funds Weigh In On Bank of Montreal

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cary Street Partners Investment Advisory LLC increased its position in shares of Bank of Montreal by 228.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after buying an additional 190 shares during the period. IFP Advisors Inc boosted its stake in Bank of Montreal by 179.5% during the fourth quarter. IFP Advisors Inc now owns 313 shares of the bank's stock worth $30,000 after acquiring an additional 201 shares in the last quarter. Addison Advisors LLC boosted its stake in Bank of Montreal by 282.8% during the fourth quarter. Addison Advisors LLC now owns 333 shares of the bank's stock worth $32,000 after acquiring an additional 246 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Bank of Montreal during the first quarter worth about $34,000. Finally, Vision Financial Markets LLC bought a new stake in Bank of Montreal during the fourth quarter worth about $39,000. Hedge funds and other institutional investors 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.