Bank of Montreal (TSE:BMO) Price Target Cut to C$124.00 by Analysts at Royal Bank of Canada

Bank of Montreal (TSE:BMO) (NYSE:BMO) had its price objective lowered by Royal Bank of Canada from C$130.00 to C$124.00 in a research report report published on Thursday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other research firms have also issued reports on BMO. Scotiabank dropped their target price on shares of Bank of Montreal from C$137.00 to C$129.00 and set an outperform rating for the company in a report on Thursday. Jefferies Financial Group upped their price objective on shares of Bank of Montreal from C$136.00 to C$142.00 in a research note on Monday, May 13th. Canaccord Genuity Group decreased their target price on shares of Bank of Montreal from C$140.00 to C$136.00 and set a buy rating on the stock in a research note on Thursday. National Bankshares dropped their price target on Bank of Montreal from C$143.00 to C$136.00 and set an outperform rating for the company in a research report on Thursday. Finally, TD Securities reduced their price objective on Bank of Montreal from C$142.00 to C$135.00 and set a buy rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of C$132.78.

Bank of Montreal Stock Performance

Shares of BMO opened at C$121.55 on Thursday. The stock has a 50 day moving average price of C$128.08 and a 200 day moving average price of C$125.68. Bank of Montreal has a one year low of C$102.67 and a one year high of C$133.95. The stock has a market capitalization of C$88.18 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 0.54 and a beta of 1.19.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, July 30th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Tuesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.51. Bank of Montreal’s dividend payout ratio is 82.85%.

Insider Buying and Selling

In other Bank of Montreal news, Senior Officer Nadim Hirji sold 2,882 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of C$130.46, for a total value of C$375,985.72. In related news, Senior Officer Nadim Hirji sold 2,882 shares of Bank of Montreal stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of C$130.46, for a total value of C$375,985.72. Also, Director Darrel Hackett sold 3,297 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of C$91.76, for a total value of C$302,532.72. Corporate insiders own 0.03% of the company’s stock.

About Bank of Montreal

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.