Raymond James Financial Issues Positive Forecast for Bank of Montreal (TSE:BMO) Stock Price

Key Points

• Raymond James raised Bank of Montreal’s price target to C$268 from C$233.50 and maintained an “outperform” rating, implying 4.73% upside from the prior close.
• Analyst sentiment is mixed but generally positive: six analysts rate the stock a Buy, four Hold, and one Sell, producing a consensus “Hold” rating and average target of C$233.83.
• BMO shares rose to C$255.90, near their 12-month high of C$258.21. The bank reported C$3.67 in quarterly EPS and C$9.57 billion in revenue, while insiders sold more than 45,000 shares worth about C$10.34 million over the past 90 days.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO had its price target increased by investment analysts at Raymond James Financial from C$233.50 to C$268.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the bank's stock. Raymond James Financial's target price points to a potential upside of 4.73% from the stock's previous close.

A number of other analysts have also recently weighed in on BMO. Canaccord Genuity Group raised their price objective on shares of Bank of Montreal from C$242.00 to C$265.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Scotiabank increased their target price on shares of Bank of Montreal from C$234.00 to C$239.00 and gave the company a "sector outperform" rating in a research report on Tuesday, June 16th. Royal Bank Of Canada lifted their price target on shares of Bank of Montreal from C$205.00 to C$230.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 28th. Barclays lifted their price target on shares of Bank of Montreal from C$199.00 to C$203.00 and gave the stock an "underweight" rating in a research note on Thursday, May 28th. Finally, TD upped their price objective on shares of Bank of Montreal from C$239.00 to C$263.00 and gave the company a "buy" rating in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of C$233.83.

Bank of Montreal Price Performance

Shares of BMO traded up C$3.57 during mid-day trading on Wednesday, reaching C$255.90. The company's stock had a trading volume of 632,916 shares, compared to its average volume of 2,497,831. Bank of Montreal has a 12-month low of C$155.58 and a 12-month high of C$258.21. The stock has a market cap of C$179.24 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 0.71 and a beta of 1.22. The company's 50 day moving average is C$246.57 and its 200 day moving average is C$216.23.

Bank of Montreal (TSE:BMO - Get Free Report) NYSE: BMO last posted its earnings results on Wednesday, May 27th. The bank reported C$3.67 earnings per share for the quarter. The firm had revenue of C$9.57 billion during the quarter. Bank of Montreal had a return on equity of 11.25% and a net margin of 12.63%. As a group, sell-side analysts anticipate that Bank of Montreal will post 9.6514585 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William Darryl White sold 27,167 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of C$225.74, for a total transaction of C$6,132,678.58. Following the completion of the sale, the director owned 87,166 shares in the company, valued at C$19,676,852.84. This represents a 23.76% decrease in their position. Also, insider Sharon Marie Haward-Laird sold 4,519 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of C$225.85, for a total transaction of C$1,020,616.15. Insiders sold a total of 45,004 shares of company stock worth $10,339,904 in the last 90 days. Company insiders own 0.03% of the company's stock.

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.

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