Bank of Montreal to Post FY2024 Earnings of $7.62 Per Share, Desjardins Forecasts (NYSE:BMO)

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities research analysts at Desjardins dropped their FY2024 earnings estimates for Bank of Montreal in a research report issued on Tuesday, August 27th. Desjardins analyst D. Young now anticipates that the bank will post earnings per share of $7.62 for the year, down from their previous estimate of $7.74. Desjardins has a “Hold” rating on the stock. The consensus estimate for Bank of Montreal’s current full-year earnings is $7.91 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.86 EPS and FY2025 earnings at $8.36 EPS.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The firm had revenue of $8.21 billion for the quarter, compared to analyst estimates of $8.25 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 EPS.

A number of other brokerages also recently issued reports on BMO. Keefe, Bruyette & Woods cut shares of Bank of Montreal from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $137.00 to $124.00 in a research report on Monday, June 3rd. Scotiabank downgraded shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $123.00 to $112.00 in a research note on Wednesday. StockNews.com downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday. UBS Group initiated coverage on Bank of Montreal in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, Royal Bank of Canada downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Price Performance

BMO stock opened at $83.62 on Thursday. Bank of Montreal has a 52-week low of $73.98 and a 52-week high of $100.12. The business has a fifty day moving average of $84.68 and a two-hundred day moving average of $89.70. The stock has a market cap of $60.98 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 2.04 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.12.

Bank of Montreal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be issued a dividend of $1.123 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 annualized dividend and a yield of 5.37%. Bank of Montreal’s dividend payout ratio (DPR) is 75.25%.

Institutional Trading of Bank of Montreal

Large investors have recently made changes to their positions in the company. Principal Securities Inc. acquired a new position in Bank of Montreal during the 4th quarter worth approximately $33,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of Montreal during the 2nd quarter worth $34,000. Rothschild Investment LLC acquired a new position in shares of Bank of Montreal during the second quarter worth $40,000. Cullen Frost Bankers Inc. increased its holdings in Bank of Montreal by 3,375.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 417 shares of the bank’s stock valued at $41,000 after buying an additional 405 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Bank of Montreal in the fourth quarter valued at $44,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

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.