Bank of Montreal (TSE:BMO) Stock Rating Upgraded by Cibc World Mkts

Key Points

• Bank of Montreal was upgraded from a "hold" rating to a "strong-buy" rating by analysts at CIBC World Markets.
• The company's stock has seen a range between a 1-year low of C$110.94 and a high of C$175.61, with current shares opening at C$174.72.
• Analysts have varying ratings on the stock, with one "strong buy," four "buy," and five "hold," resulting in an average rating of "moderate buy" and a consensus target price of C$167.42.

Cibc World Mkts upgraded shares of Bank of Montreal (TSE:BMO - Free Report) NYSE: BMO from a hold rating to a strong-buy rating in a research note released on Friday morning,Zacks.com reports.

BMO has been the subject of a number of other research reports. National Bankshares upped their target price on shares of Bank of Montreal from C$161.00 to C$173.00 in a research report on Wednesday, August 27th. Desjardins boosted their price target on shares of Bank of Montreal from C$156.00 to C$165.00 and gave the stock a "hold" rating in a research note on Wednesday, August 27th. Scotiabank increased their price objective on shares of Bank of Montreal from C$148.00 to C$169.00 in a report on Wednesday, August 27th. CIBC raised 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 report on Friday. Finally, Canaccord Genuity Group boosted their target price on Bank of Montreal from C$180.00 to C$185.00 and gave the stock a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Bank of Montreal has a consensus rating of "Moderate Buy" and a consensus target price of C$167.42.

Bank of Montreal Price Performance

Shares of TSE:BMO traded down C$0.08 during trading on Friday, hitting C$175.30. 1,522,296 shares of the company's stock were exchanged, compared to its average volume of 2,898,532. Bank of Montreal has a 52-week low of C$111.21 and a 52-week high of C$176.29. The business's 50-day simple moving average is C$158.08 and its 200 day simple moving average is C$146.18. The company has a market cap of C$125.57 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 0.71 and a beta of 1.25.

Bank of Montreal Increases Dividend

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