Bank of Montreal (TSE:BMO) has received an average rating of “Hold” from twelve financial institutions currently analyzing the stock, according to MarketBeat Ratings. The analysis indicates that nine analysts recommend holding the stock, while two suggest a buy rating and one a strong buy rating. The consensus target price for Bank of Montreal shares has been set at C$182.75 over the next twelve months.
Several financial analysts have recently provided updates on Bank of Montreal’s performance. For instance, Scotiabank raised its price target from C$179.00 to C$187.00, assigning a “sector perform” rating in a report dated December 5, 2023. Similarly, Barclays increased its target price from C$177.00 to C$181.00 and rated the stock as “equal weight” in a report on the same day. Desjardins adjusted its target from C$180.00 to C$189.00 while maintaining a “hold” rating on December 18, 2023.
Raymond James Financial also increased its price objective for the stock from C$182.00 to C$183.00 in a report published on December 8, 2023. Additionally, Bank of America raised its price target from C$179.00 to C$183.00 in its report on December 5, 2023.
Quarterly Earnings Report
On December 4, 2023, Bank of Montreal announced its quarterly earnings, reporting earnings per share of C$3.28. The bank generated a revenue of C$9.34 billion during the quarter, reflecting a net margin of 13.57% and a return on equity of 9.04%. Analysts predict that Bank of Montreal will achieve an earnings per share (EPS) of approximately 9.65 for the current fiscal year.
The firm also declared a quarterly dividend of C$1.63 per share, which was paid to shareholders on November 26, 2023. The ex-dividend date was October 30, 2023. The annualized dividend totals C$6.52, yielding approximately 3.7%. Currently, Bank of Montreal’s dividend payout ratio stands at 56.29%, indicating a balanced approach to returning value to its shareholders.
About Bank of Montreal
Bank of Montreal is a diversified financial-services company headquartered in North America. It operates through four primary segments: Canadian personal and commercial banking, U.S. personal and commercial banking, wealth management, and capital markets. The institution continues to play a significant role in the financial landscape, serving a diverse clientele across various sectors.
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