Bank of Montreal (TSE:BMO) Hits New 12-Month High Following Analyst Upgrade

Key Points

• New 52-week high: BMO stock reached an intraday high of C$211.55 (last C$211.27) after Desjardins raised its price target to C$212, prompting mid-day gains.
• Mixed analyst outlook: Multiple firms have raised targets recently but ratings vary—MarketBeat shows a consensus Hold with an average price target of C$204.23.
• Dividend announced: BMO declared a quarterly dividend of C$1.67 (annualized C$6.68) with an ex-dividend date of April 29 and a yield of about 3.2%.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO's stock price reached a new 52-week high during mid-day trading on Wednesday after Desjardins raised their price target on the stock from C$208.00 to C$212.00. Desjardins currently has a hold rating on the stock. Bank of Montreal traded as high as C$211.55 and last traded at C$211.27, with a volume of 1095631 shares trading hands. The stock had previously closed at C$205.57.

A number of other research analysts have also issued reports on BMO. TD Securities raised their price target on Bank of Montreal from C$209.00 to C$219.00 in a research note on Monday, February 9th. Canadian Imperial Bank of Commerce raised their price objective on Bank of Montreal from C$209.00 to C$211.00 in a report on Thursday, March 5th. National Bank Financial raised their price objective on Bank of Montreal from C$186.00 to C$205.00 and gave the stock a "sector perform" rating in a report on Thursday, February 26th. Barclays lowered Bank of Montreal from an "equal weight" rating to a "strong sell" rating in a report on Friday, March 20th. Finally, TD raised their price objective on Bank of Montreal from C$219.00 to C$234.00 and gave the stock a "buy" rating in a report on Tuesday. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Bank of Montreal has a consensus rating of "Hold" and an average price target of C$204.23.

Bank of Montreal Stock Performance

The stock has a market capitalization of C$148.95 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 0.71 and a beta of 1.25. The company has a 50-day moving average of C$196.38 and a 200-day moving average of C$186.65.

Bank of Montreal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 26th will be given a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, April 29th. Bank of Montreal's payout ratio is currently 54.33%.

Bank of Montreal Company Profile

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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