Bank of Montreal (TSE:BMO) Sets New 1-Year High - Here's What Happened

Key Points

• Bank of Montreal's shares reached a new 52-week high of C$182.74, showcasing strong trading activity with 118,736 shares exchanged.
• The bank recently increased its quarterly dividend to $1.63 per share, up from $1.59, resulting in an annualized yield of 3.6%.
• Analysts have provided a consensus rating of "Moderate Buy" for Bank of Montreal, with an average target price of C$167.42.

Shares of Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO reached a new 52-week high on Monday . The stock traded as high as C$182.74 and last traded at C$182.26, with a volume of 118736 shares trading hands. The stock had previously closed at C$182.00.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Desjardins increased their price target on Bank of Montreal from C$156.00 to C$165.00 and gave the stock a "hold" rating in a report on Wednesday, August 27th. Canaccord Genuity Group raised their price target on Bank of Montreal from C$180.00 to C$185.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Royal Bank Of Canada lifted their price objective on Bank of Montreal from C$161.00 to C$168.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. Bank of America raised their target price on Bank of Montreal from C$159.00 to C$176.00 in a report on Wednesday, August 27th. Finally, CIBC upgraded Bank of Montreal from a "neutral" rating to an "outperform" rating and raised their target price for the company from C$173.00 to C$180.00 in a report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of C$167.42.

Bank of Montreal Price Performance

The firm has a market cap of C$129.74 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.71 and a beta of 1.25. The firm's fifty day moving average is C$164.64 and its two-hundred day moving average is C$149.56.

Bank of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 26th were paid a dividend of $1.63 per share. This is a boost from Bank of Montreal's previous quarterly dividend of $1.59. This represents a $6.52 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, July 30th. Bank of Montreal's payout ratio is currently 55.74%.

Insider Buying and Selling

In related news, insider Alan Tannenbaum sold 9,824 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of C$175.12, for a total transaction of C$1,720,408.35. Also, insider Steven Lloyd Tennyson sold 9,072 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of C$163.89, for a total value of C$1,486,782.86. Following the transaction, the insider owned 21,866 shares in the company, valued at approximately C$3,583,553.14. This trade represents a 29.32% decrease in their position. Insiders sold 35,883 shares of company stock valued at $5,989,740 over the last three months. 0.03% of the stock is owned by insiders.

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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