FY2024 EPS Estimate for Bank of Montreal Lowered by Analyst

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Equities research analysts at Desjardins reduced their FY2024 earnings estimates for shares of Bank of Montreal in a research report issued on Friday, November 1st. Desjardins analyst D. Young now forecasts that the bank will earn $7.26 per share for the year, down from their prior forecast of $7.62. The consensus estimate for Bank of Montreal’s current full-year earnings is $8.00 per share. Desjardins also issued estimates for Bank of Montreal’s Q4 2024 earnings at $1.66 EPS and FY2025 earnings at $7.78 EPS.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its 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 business 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 11.23% and a net margin of 8.50%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.08 EPS.

BMO has been the subject of several other research reports. Scotiabank downgraded shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $123.00 to $112.00 in a research note on Wednesday, August 28th. TD Securities cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Royal Bank of Canada cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Tuesday, July 30th. Finally, Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Bank of Montreal has an average rating of “Hold” and an average price target of $119.75.

Bank of Montreal Price Performance

Shares of NYSE:BMO opened at $91.31 on Monday. The company has a market cap of $66.61 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 2.33 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $89.18 and a 200 day simple moving average of $88.03. Bank of Montreal has a one year low of $76.83 and a one year high of $100.12.

Bank of Montreal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be issued a dividend of $1.123 per share. This represents a $4.49 annualized dividend and a dividend yield of 4.92%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is currently 72.13%.

Institutional Investors Weigh In On Bank of Montreal

Several institutional investors have recently added to or reduced their stakes in BMO. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of Montreal in the 2nd quarter worth about $34,000. Rothschild Investment LLC purchased a new position in Bank of Montreal during the 2nd quarter valued at about $40,000. GHP Investment Advisors Inc. increased its stake in Bank of Montreal by 244.1% during the 3rd quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after purchasing an additional 393 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Bank of Montreal by 34.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after purchasing an additional 160 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Bank of Montreal by 207.8% during the 3rd quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock valued at $56,000 after purchasing an additional 451 shares in the last quarter. Hedge funds and other institutional investors own 45.82% 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.