Bank of Montreal (BMO) Hits New 52-Week High at $102.26

Bank of Montreal (TSE:BMO) (NYSE:BMO)’s share price hit a new 52-week high on Tuesday . The company traded as high as C$102.26 and last traded at C$101.87, with a volume of 612701 shares. The stock had previously closed at C$101.07.

A number of brokerages recently weighed in on BMO. Royal Bank of Canada lifted their price target on Bank of Montreal from C$115.00 to C$117.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. TD Securities dropped their price target on Bank of Montreal from C$115.00 to C$110.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Barclays dropped their price target on Bank of Montreal from C$102.00 to C$101.00 in a research note on Wednesday, February 28th. Macquarie raised Bank of Montreal from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from C$105.00 to C$107.00 in a research note on Thursday, February 15th. Finally, Eight Capital lifted their price target on Bank of Montreal from C$106.00 to C$109.00 in a research note on Thursday, March 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of C$109.00.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last released its earnings results on Tuesday, February 27th. The bank reported C$2.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C$2.07 by C$0.05. Bank of Montreal had a return on equity of 9.46% and a net margin of 17.14%. The company had revenue of C$5.68 billion for the quarter, compared to analysts’ expectations of C$5.56 billion.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 28th. Shareholders of record on Tuesday, May 1st will be paid a dividend of $0.93 per share. The ex-dividend date of this dividend is Monday, April 30th. This represents a $3.72 annualized dividend and a yield of 3.66%.

In other news, insider Joanna Michelle Rotenberg sold 4,400 shares of Bank of Montreal stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of C$98.28, for a total transaction of C$432,432.00. Also, Director Thomas Earl Flynn sold 23,000 shares of Bank of Montreal stock in a transaction dated Monday, March 5th. The shares were sold at an average price of C$96.08, for a total value of C$2,209,840.00. In the last ninety days, insiders have sold 57,147 shares of company stock worth $5,323,210.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.

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