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

Key Points

• Bank of Montreal's stock reached a new 52-week high, trading at C$179.67, with a volume of 696,219 shares.
• Research firms have upgraded their ratings on the stock, with CIBC World Markets raising it to a "strong-buy" and Scotiabank increasing their price target to C$169.00.
• The company declared a quarterly dividend of $1.63, reflecting an annualized rate of $6.52 and a dividend yield of 3.6%.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO's share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$26.97 and last traded at C$179.67, with a volume of 696219 shares. The stock had previously closed at C$180.48.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BMO. Cibc World Mkts upgraded Bank of Montreal from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 5th. Scotiabank increased their price objective on Bank of Montreal from C$148.00 to C$169.00 in a research note on Wednesday, August 27th. National Bankshares set a C$173.00 price objective on Bank of Montreal and gave the stock an "outperform" rating in a research note on Monday, September 22nd. TD Securities increased their price objective on Bank of Montreal from C$164.00 to C$170.00 and gave the stock a "hold" rating in a research note on Wednesday, August 27th. Finally, Jefferies Financial Group increased their price objective on Bank of Montreal from C$164.00 to C$173.00 in a research note on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of C$167.00.

Bank of Montreal Stock Down 0.4%

The firm has a fifty day moving average of C$167.61 and a 200-day moving average of C$151.30. The firm has a market cap of C$128.70 billion, a P/E ratio of 15.75, a PEG ratio of 0.71 and a beta of 1.35.

Bank of Montreal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Wednesday, November 26th will be issued a $1.63 dividend. The ex-dividend date is Thursday, October 30th. This represents a $6.52 annualized dividend and a yield of 3.6%. Bank of Montreal's dividend payout ratio (DPR) is currently 55.74%.

Insider Activity

In related news, insider Steven Lloyd Tennyson sold 9,072 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was 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 C$3,583,553.14. This trade represents a 29.32% decrease in their ownership of the stock. Also, insider Alan Tannenbaum sold 9,824 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of C$175.12, for a total value of C$1,720,408.35. In the last quarter, insiders sold 35,883 shares of company stock worth $5,989,740. 0.03% of the stock is owned by company 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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