Bank of Montreal (TSE:BMO) Sets New 52-Week High - Should You Buy?

Key Points

• Bank of Montreal's stock reached a new 52-week high at C$181.12, marking a significant increase from its previous close of C$179.14.
• The bank has seen several upgrades from analysts, boosting its target price, with a consensus target of C$167.42 and ratings ranging from "Strong Buy" to "Hold".
• Bank of Montreal announced an increase in its quarterly dividend to $1.63 per share, reflecting a 3.6% yield and a payout ratio of 55.74%.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO's stock price hit a new 52-week high on Tuesday . The company traded as high as C$181.12 and last traded at C$180.98, with a volume of 407275 shares traded. The stock had previously closed at C$179.14.

Analyst Ratings Changes

A number of brokerages recently weighed in on BMO. Bank of America upped their target price on shares of Bank of Montreal from C$159.00 to C$176.00 in a research report on Wednesday, August 27th. Barclays upped their target price on shares of Bank of Montreal from C$150.00 to C$157.00 in a research report on Wednesday, August 27th. Desjardins upped their target price on shares of Bank of Montreal from C$156.00 to C$165.00 and gave the stock a "hold" rating in a research report on Wednesday, August 27th. Canaccord Genuity Group upped their target price on shares of Bank of Montreal from C$180.00 to C$185.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Finally, Cibc World Mkts upgraded shares of Bank of Montreal from a "hold" rating to a "strong-buy" rating in a research 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 issued a Hold rating to the stock. According to data from MarketBeat, Bank of Montreal currently has a consensus rating of "Moderate Buy" and a consensus target price of C$167.42.

Bank of Montreal Trading Up 0.9%

The firm has a market cap of C$129.49 billion, a PE ratio of 15.84, a P/E/G ratio of 0.71 and a beta of 1.25. The business's 50-day simple moving average is C$162.70 and its 200 day simple moving average is C$148.40.

Bank of Montreal Increases Dividend

The firm 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 represents a $6.52 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, July 30th. This is a positive change from Bank of Montreal's previous quarterly dividend of $1.59. Bank of Montreal's dividend payout ratio (DPR) is presently 55.74%.

Insider Activity at Bank of Montreal

In other news, insider Steven Lloyd Tennyson sold 9,072 shares of Bank of Montreal 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 transaction of C$1,486,782.86. Following the completion of the transaction, the insider directly owned 21,866 shares of the company's stock, valued at C$3,583,553.14. The trade was a 29.32% decrease in their position. Also, insider Alan Tannenbaum sold 9,824 shares of Bank of Montreal 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. Over the last 90 days, insiders have sold 35,883 shares of company stock valued at $5,989,740. Company insiders own 0.03% of the company's stock.

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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