FY2024 EPS Estimates for Bank of Montreal Cut by Desjardins

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Investment analysts at Desjardins lowered their FY2024 EPS estimates for shares of Bank of Montreal in a research note issued on Friday, November 1st. Desjardins analyst D. Young now forecasts that the bank will earn $10.09 per share for the year, down from their prior forecast of $10.30. Desjardins has a “Hold” rating and a $120.00 price objective on the stock. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.65 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $2.31 EPS and FY2025 earnings at $10.80 EPS.

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

Other research analysts have also recently issued reports about the company. Canaccord Genuity Group reduced their target price on Bank of Montreal from C$135.00 to C$130.00 and set a “buy” rating for the company in a research report on Wednesday, August 28th. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating and decreased their target price for the company from C$130.00 to C$114.00 in a research report on Wednesday, August 28th. Jefferies Financial Group dropped their price target on shares of Bank of Montreal from C$141.00 to C$124.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Scotiabank downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from C$123.00 to C$112.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada dropped their target price on Bank of Montreal from C$118.00 to C$106.00 and set a “sector perform” rating for the company in a report on Wednesday, August 28th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$120.77.

Bank of Montreal Trading Down 0.2 %

Shares of BMO stock opened at C$126.65 on Monday. Bank of Montreal has a 12 month low of C$105.31 and a 12 month high of C$133.95. The company has a market capitalization of C$92.38 billion, a P/E ratio of 14.57, a P/E/G ratio of 0.71 and a beta of 1.16. The stock has a 50 day moving average of C$121.06 and a two-hundred day moving average of C$120.68.

Bank of Montreal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 26th will be given a $1.55 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $6.20 dividend on an annualized basis and a yield of 4.90%. Bank of Montreal’s payout ratio is 71.35%.

Insider Activity

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

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.