Bank of Montreal (NYSE:BMO) Sets New 1-Year High - Should You Buy?

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $108.55 and last traded at $107.92, with a volume of 126534 shares. The stock had previously closed at $107.79.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BMO. Cibc World Mkts lowered shares of Bank of Montreal from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen raised shares of Bank of Montreal from a "sell" rating to a "hold" rating in a report on Friday, February 28th. CIBC reissued a "neutral" rating on shares of Bank of Montreal in a report on Tuesday, May 20th. Scotiabank started coverage on shares of Bank of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating for the company. Finally, Royal Bank of Canada raised their price objective on shares of Bank of Montreal from $161.00 to $163.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $129.50.

Bank of Montreal Trading Down 0.1%

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.98 and a quick ratio of 0.98. The business's 50-day moving average price is $98.35 and its two-hundred day moving average price is $98.36. The company has a market capitalization of $78.16 billion, a P/E ratio of 15.51, a PEG ratio of 1.43 and a beta of 1.08.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.84. Bank of Montreal had a net margin of 9.22% and a return on equity of 10.18%. 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 prior year, the business posted $2.59 EPS. The business's revenue was up 8.8% compared to the same quarter last year. As a group, analysts forecast that Bank of Montreal will post 7.71 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be paid a $1.1801 dividend. This is an increase from Bank of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 annualized dividend and a yield of 4.36%. Bank of Montreal's dividend payout ratio is presently 58.75%.

Hedge Funds Weigh In On Bank of Montreal

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in Bank of Montreal by 4.5% in the third quarter. JPMorgan Chase & Co. now owns 3,327,465 shares of the bank's stock worth $300,137,000 after purchasing an additional 144,252 shares during the period. Blue Trust Inc. boosted its stake in Bank of Montreal by 55.2% in the fourth quarter. Blue Trust Inc. now owns 1,037 shares of the bank's stock valued at $94,000 after acquiring an additional 369 shares during the last quarter. Caprock Group LLC boosted its stake in Bank of Montreal by 4.6% in the fourth quarter. Caprock Group LLC now owns 3,185 shares of the bank's stock valued at $309,000 after acquiring an additional 139 shares during the last quarter. Choreo LLC purchased a new position in Bank of Montreal in the 4th quarter valued at approximately $206,000. Finally, Bleakley Financial Group LLC bought a new position in shares of Bank of Montreal in the fourth quarter worth $345,000. 45.82% of the stock is currently owned by institutional investors and hedge funds.

About Bank of Montreal

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.