Bank of Montreal (TSE:BMO) Cut to “Sector Perform” at Scotiabank

Scotiabank cut shares of Bank of Montreal (TSE:BMO) (NYSE:BMO) from an outperform rating to a sector perform rating in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage currently has C$112.00 target price on the bank’s stock, down from their previous target price of C$123.00.

Several other analysts have also recently issued reports on the stock. Desjardins reduced their price target on shares of Bank of Montreal from C$125.00 to C$120.00 and set a hold rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods cut shares of Bank of Montreal from a moderate buy rating to a hold rating in a report on Monday, June 3rd. National Bankshares lowered their target price on shares of Bank of Montreal from C$131.00 to C$127.00 and set an outperform rating on the stock in a research report on Wednesday. CIBC lowered their price objective on shares of Bank of Montreal from C$120.00 to C$116.00 and set a neutral rating on the stock in a research report on Wednesday. Finally, TD Securities lowered shares of Bank of Montreal from a buy rating to a hold rating and lowered their price objective for the company from C$130.00 to C$114.00 in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Bank of Montreal currently has a consensus rating of Hold and an average price target of C$121.00.

Bank of Montreal Price Performance

Shares of BMO stock opened at C$112.71 on Wednesday. The firm has a market cap of C$82.21 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 0.54 and a beta of 1.16. The company has a 50-day moving average of C$116.08 and a two-hundred day moving average of C$122.52. Bank of Montreal has a 1-year low of C$102.67 and a 1-year high of C$133.95.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last announced its earnings results on Wednesday, May 29th. The bank reported C$2.59 earnings per share for the quarter, missing the consensus estimate of C$2.74 by C($0.15). The company had revenue of C$7.97 billion for the quarter, compared to analysts’ expectations of C$8.06 billion. Bank of Montreal had a return on equity of 8.19% and a net margin of 21.21%. Sell-side analysts anticipate that Bank of Montreal will post 11.472973 EPS for the current fiscal year.

Bank of Montreal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $6.20 dividend on an annualized basis and a yield of 5.50%. Bank of Montreal’s dividend payout ratio (DPR) is 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.