FY2024 EPS Forecast for Bank of Montreal Lowered by Analyst

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Analysts at National Bank Financial decreased their FY2024 EPS estimates for Bank of Montreal in a research note issued on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now anticipates that the bank will post earnings per share of $7.34 for the year, down from their prior forecast of $7.63. The consensus estimate for Bank of Montreal’s current full-year earnings is $8.00 per share. National Bank Financial also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.74 EPS, FY2025 earnings at $8.17 EPS and FY2026 earnings at $9.27 EPS.

Several other research analysts have also recently commented on the stock. Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $123.00 to $112.00 in a research report on Wednesday, August 28th. Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their target price for the company from $134.00 to $117.00 in a research report on Wednesday, August 28th. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Jefferies Financial Group cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Finally, TD Securities cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of Montreal currently has an average rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Stock Down 0.1 %

Bank of Montreal stock opened at $94.03 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a one year low of $76.98 and a one year high of $100.12. The company has a 50-day simple moving average of $91.50 and a 200-day simple moving average of $88.22. The firm has a market capitalization of $68.60 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.39 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 EPS for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The company had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. Bank of Montreal’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 earnings per share.

Bank of Montreal Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be given a $1.123 dividend. This represents a $4.49 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio (DPR) is presently 72.13%.

Hedge Funds Weigh In On Bank of Montreal

Several large investors have recently made changes to their positions in BMO. Strategic Investment Solutions Inc. IL purchased a new position in Bank of Montreal in the 2nd quarter worth about $34,000. Rothschild Investment LLC acquired a new stake in Bank of Montreal during the 2nd quarter valued at $40,000. GHP Investment Advisors Inc. lifted its holdings in shares of Bank of Montreal by 244.1% in the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after purchasing an additional 393 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Bank of Montreal by 34.6% in the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after purchasing an additional 160 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Bank of Montreal by 207.8% in the third quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock worth $56,000 after buying an additional 451 shares during the period. Institutional investors own 45.82% of the company’s stock.

Bank of Montreal Company Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.