Bank of Montreal (TSE:BMO) Cut to Neutral at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce downgraded Bank of Montreal from “outperformer” to “neutral,” while raising its price target from C$244 to C$272, implying 11.48% upside.
• Analyst sentiment is mixed: MarketBeat reports an average rating of “Hold” and a consensus price target of C$242.08, with five Buy, five Hold, and one Sell rating.
• Bank of Montreal shares fell C$9.90 to C$244 during Wednesday trading. The bank reported quarterly EPS of C$3.67 on C$9.57 billion in revenue, while insiders sold roughly 45,000 shares worth C$10.34 million over the past 90 days.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO was downgraded by equities researchers at Canadian Imperial Bank of Commerce from an "outperformer" rating to a "neutral" rating in a report issued on Wednesday,BayStreet.CA reports. They currently have a C$272.00 price objective on the bank's stock, up from their previous price objective of C$244.00. Canadian Imperial Bank of Commerce's target price would suggest a potential upside of 11.48% from the stock's current price.

A number of other equities analysts also recently issued reports on BMO. Jefferies Financial Group upped their price target on Bank of Montreal from C$213.00 to C$225.00 and gave the company a "hold" rating in a report on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on shares of Bank of Montreal from C$205.00 to C$230.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 28th. National Bank Financial upped their target price on shares of Bank of Montreal from C$236.00 to C$278.00 and gave the company a "sector perform" rating in a report on Thursday, August 13th. Raymond James Financial increased their target price on shares of Bank of Montreal from C$233.50 to C$268.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Finally, TD lifted their price target on shares of Bank of Montreal from C$239.00 to C$263.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of C$242.08.

Bank of Montreal Price Performance

Shares of TSE:BMO traded down C$9.90 during mid-day trading on Wednesday, reaching C$244.00. 1,060,280 shares of the company were exchanged, compared to its average volume of 2,464,733. Bank of Montreal has a 1 year low of C$155.92 and a 1 year high of C$259.20. The firm's 50-day simple moving average is C$249.31 and its 200 day simple moving average is C$218.61. The firm has a market cap of C$170.90 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 0.71 and a beta of 1.22.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO last issued its quarterly earnings results on Wednesday, May 27th. The bank reported C$3.67 earnings per share (EPS) for the quarter. The company had revenue of C$9.57 billion for the quarter. Bank of Montreal had a net margin of 12.63% and a return on equity of 11.25%. On average, research analysts forecast that Bank of Montreal will post 9.6514585 earnings per share for the current fiscal year.

Insider Activity at Bank of Montreal

In other news, insider Mona Elizabeth Malone sold 4,517 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$244.61, for a total transaction of C$1,104,903.37. Following the completion of the transaction, the insider directly owned 1,758 shares of the company's stock, valued at C$430,024.38. This trade represents a 71.98% decrease in their position. Also, insider Sharon Marie Haward-Laird sold 4,519 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of C$225.85, for a total value of C$1,020,616.15. Insiders sold 45,004 shares of company stock worth $10,339,904 over the last 90 days. Company insiders own 0.03% of the company's stock.

About Bank of Montreal

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.

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