Bank of Montreal (TSE:BMO) Stock Price Passes Above Fifty Day Moving Average on Analyst Downgrade

Key Points

• Bank of Montreal's stock price rose above its 50-day moving average after CIBC upgraded its rating from hold to strong buy, with shares trading as high as C$181.00.
• Several analysts have increased their price targets for the stock, with an average target price now set at C$167.00 and a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $1.63 per share, representing a 3.6% dividend yield, with the payment scheduled for November 26th.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO's stock price passed above its 50-day moving average during trading on Monday after Cibc World Mkts upgraded the stock from a hold rating to a strong-buy rating. The stock has a 50-day moving average of C$167.61 and traded as high as C$181.00. Bank of Montreal shares last traded at C$180.48, with a volume of 2,598,678 shares trading hands.

A number of other equities research analysts have also recently weighed in on BMO. National Bankshares lifted their price objective on Bank of Montreal from C$161.00 to C$173.00 in a research note on Wednesday, August 27th. Scotiabank lifted their target price on Bank of Montreal from C$148.00 to C$169.00 in a research report on Wednesday, August 27th. Canaccord Genuity Group increased their price target 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. Desjardins raised their price objective on shares of Bank of Montreal from C$156.00 to C$165.00 and gave the company a "hold" rating in a research note on Wednesday, August 27th. Finally, Bank of America upped their target price on shares of Bank of Montreal from C$159.00 to C$176.00 in a research note on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$167.00.

Insider Buying and Selling

In other news, insider Steven Lloyd Tennyson sold 9,072 shares of the 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 approximately C$3,583,553.14. This represents a 29.32% decrease in their position. Also, insider Alan Tannenbaum sold 9,824 shares of the stock in a transaction 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. Insiders sold 35,883 shares of company stock valued at $5,989,740 in the last quarter. 0.03% of the stock is owned by insiders.

Bank of Montreal Stock Performance

The stock has a market capitalization of C$129.28 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 0.71 and a beta of 1.35. The business's 50-day moving average is C$167.61 and its two-hundred day moving average is C$151.30.

Bank of Montreal Announces Dividend

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

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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