Bank of Montreal (BMO) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a sell rating to a hold rating in a research note published on Friday morning.

According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “

A number of other analysts have also commented on the company. Canaccord Genuity reiterated a buy rating on shares of Bank of Montreal in a research report on Thursday, November 22nd. Barclays reiterated a hold rating on shares of Bank of Montreal in a research report on Friday, November 16th. Finally, ValuEngine lowered Bank of Montreal from a hold rating to a sell rating in a research report on Thursday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Bank of Montreal presently has a consensus rating of Hold and an average target price of $104.67.

BMO stock traded down $0.26 during midday trading on Friday, reaching $74.50. The stock had a trading volume of 570,821 shares, compared to its average volume of 604,482. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.14. The firm has a market cap of $47.87 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.24 and a beta of 1.10. Bank of Montreal has a twelve month low of $72.53 and a twelve month high of $84.71.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Tuesday, August 28th. The bank reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.07. The firm had revenue of $4.51 billion during the quarter, compared to analyst estimates of $4.45 billion. Bank of Montreal had a return on equity of 14.75% and a net margin of 16.17%. Sell-side analysts predict that Bank of Montreal will post 6.81 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Bank of Montreal by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 16,878,668 shares of the bank’s stock worth $1,392,996,000 after buying an additional 444,234 shares during the period. Morgan Stanley grew its position in shares of Bank of Montreal by 48.6% during the 3rd quarter. Morgan Stanley now owns 899,951 shares of the bank’s stock worth $74,273,000 after buying an additional 294,227 shares during the period. Griffin Asset Management Inc. acquired a new position in shares of Bank of Montreal during the 3rd quarter worth about $260,000. Csenge Advisory Group acquired a new position in shares of Bank of Montreal during the 3rd quarter worth about $198,000. Finally, Nordea Investment Management AB acquired a new position in shares of Bank of Montreal during the 3rd quarter worth about $8,536,000. Institutional investors own 43.67% of the company’s stock.

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.

Further Reading: Preferred Stock

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