Equities Analysts Set Expectations for BMO FY2024 Earnings

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Research analysts at Cormark reduced their FY2024 EPS estimates for shares of Bank of Montreal in a research note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings per share of $7.35 for the year, down from their prior estimate of $7.52. The consensus estimate for Bank of Montreal’s current full-year earnings is $7.37 per share. Cormark also issued estimates for Bank of Montreal’s FY2025 earnings at $8.10 EPS and FY2026 earnings at $9.13 EPS.

A number of other equities research analysts also recently issued reports on the company. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Barclays decreased their target price on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. Bank of America downgraded Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $123.00 to $112.00 in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $119.75.

Bank of Montreal Price Performance

Shares of NYSE:BMO opened at $95.00 on Tuesday. Bank of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $100.12. The business has a 50-day simple moving average of $92.34 and a two-hundred day simple moving average of $88.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $69.31 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 2.60 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.12). Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The business had revenue of $8.21 billion during the quarter, compared to analysts’ expectations of $8.25 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year.

Institutional Investors Weigh In On Bank of Montreal

A number of institutional investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Bank of Montreal by 261.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,249,552 shares of the bank’s stock worth $383,449,000 after purchasing an additional 3,074,389 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Bank of Montreal by 138.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,851,629 shares of the bank’s stock worth $407,282,000 after acquiring an additional 2,816,385 shares during the period. Toronto Dominion Bank lifted its stake in shares of Bank of Montreal by 14.9% in the 3rd quarter. Toronto Dominion Bank now owns 11,812,353 shares of the bank’s stock valued at $1,065,474,000 after purchasing an additional 1,534,508 shares during the period. JARISLOWSKY FRASER Ltd raised its position in shares of Bank of Montreal by 36.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 5,239,662 shares of the bank’s stock worth $439,705,000 after acquiring an additional 1,412,532 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Bank of Montreal during the second quarter worth approximately $80,915,000. Institutional investors own 45.82% 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.