Cormark Has Optimistic Outlook of TSE:BMO FY2024 Earnings

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Analysts at Cormark upped their FY2024 earnings per share estimates for shares of Bank of Montreal in a research report issued on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will earn $10.21 per share for the year, up from their previous forecast of $10.16. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.65 per share. Cormark also issued estimates for Bank of Montreal’s Q4 2024 earnings at $2.42 EPS and FY2025 earnings at $11.25 EPS.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last posted its earnings results on Tuesday, August 27th. The bank reported C$2.64 EPS for the quarter, missing the consensus estimate of C$2.72 by C($0.08). The business had revenue of C$8.19 billion during the quarter, compared to analysts’ expectations of C$8.23 billion. Bank of Montreal had a net margin of 21.20% and a return on equity of 8.49%.

Other equities analysts also recently issued reports about the company. CIBC upped their price target on Bank of Montreal from C$120.00 to C$134.00 in a report on Tuesday. Desjardins lowered their target price on shares of Bank of Montreal from C$125.00 to C$120.00 and set a “hold” rating for the company in a report on Wednesday, August 28th. Jefferies Financial Group cut their price target on shares of Bank of Montreal from C$141.00 to C$124.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Scotiabank raised their price objective on Bank of Montreal from C$112.00 to C$147.00 in a report on Monday. Finally, Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and cut their target price for the stock from C$134.00 to C$117.00 in a research report on Wednesday, August 28th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$128.50.

Bank of Montreal Stock Performance

TSE:BMO opened at C$132.83 on Wednesday. Bank of Montreal has a 1 year low of C$107.16 and a 1 year high of C$134.16. The stock has a market cap of C$96.89 billion, a P/E ratio of 15.29, a P/E/G ratio of 0.71 and a beta of 1.16. The stock has a 50-day simple moving average of C$126.52 and a 200-day simple moving average of C$121.25.

Insider Buying and Selling

In related news, Senior Officer David Robert Casper sold 12,819 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of C$121.85, for a total transaction of C$1,562,007.97. Also, Senior Officer Steven Lloyd Tennyson sold 7,908 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$112.16, for a total transaction of C$886,977.10. Corporate insiders own 0.03% of the company’s stock.

Bank of Montreal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 26th were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 4.67%. The ex-dividend date was Wednesday, October 30th. Bank of Montreal’s dividend payout ratio (DPR) is presently 71.35%.

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.