Bank of Montreal (TSE:BMO) Hits New 52-Week High - What's Next?

Key Points

• Bank of Montreal shares hit a new 52-week high, trading at C$176.16, reflecting strong investor interest with over 544,000 shares exchanged.
• Several analysts have recently revised their ratings and price targets for the stock, with Canaccord Genuity increasing theirs from C$180.00 to C$185.00 and maintaining a "buy" rating.
• The bank announced a dividend increase, raising the quarterly payout to $1.63, which gives an annualized dividend yield of 3.7%.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO shares reached a new 52-week high during trading on Thursday . The company traded as high as C$176.18 and last traded at C$176.16, with a volume of 544286 shares changing hands. The stock had previously closed at C$175.11.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Canaccord Genuity Group boosted their price objective on Bank of Montreal from C$180.00 to C$185.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Barclays boosted their price objective on shares of Bank of Montreal from C$150.00 to C$157.00 in a report on Wednesday, August 27th. CIBC upgraded shares of Bank of Montreal from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from C$173.00 to C$180.00 in a research report on Friday, September 5th. UBS Group reduced their price objective on Bank of Montreal from C$160.00 to C$145.00 in a research note on Thursday, May 22nd. Finally, Cibc World Mkts upgraded Bank of Montreal from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of C$167.42.

Bank of Montreal Stock Performance

The company's 50-day moving average price is C$159.03 and its 200 day moving average price is C$146.58. The stock has a market capitalization of C$125.61 billion, a PE ratio of 15.37, a PEG ratio of 0.71 and a beta of 1.25.

Bank of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 26th were given a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $6.52 annualized dividend and a dividend yield of 3.7%. This is an increase from Bank of Montreal's previous quarterly dividend of $1.59. Bank of Montreal's dividend payout ratio is currently 55.74%.

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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