National Bank Financial Forecasts BMO FY2024 Earnings

Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO - Stock analysts at National Bank Financial decreased their FY2024 earnings per share estimates for Bank of Montreal in a note issued to investors on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now expects that the bank will earn $7.34 per share for the year, down from their previous estimate of $7.63. The consensus estimate for Bank of Montreal's current full-year earnings is $8.00 per share. National Bank Financial also issued estimates for Bank of Montreal's Q4 2024 earnings at $1.74 EPS, FY2025 earnings at $8.17 EPS and FY2026 earnings at $9.27 EPS.

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

A number of other analysts have also commented on BMO. Scotiabank lowered Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the company from $123.00 to $112.00 in a research note on Wednesday, August 28th. TD Securities downgraded shares of Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. 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 cut Bank of Montreal from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada lowered Bank of Montreal from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, July 30th. 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 currently has a consensus rating of "Hold" and an average price target of $119.75.

Bank of Montreal Price Performance

BMO stock opened at $94.03 on Thursday. 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 stock's 50 day moving average price is $91.50 and its 200 day moving average price is $88.22. The firm has a market cap of $68.60 billion, a P/E ratio of 14.81, a PEG ratio of 2.39 and a beta of 1.10. Bank of Montreal has a 1 year low of $76.98 and a 1 year high of $100.12.

Bank of Montreal Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be issued a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a yield of 4.78%. Bank of Montreal's payout ratio is 72.13%.

Institutional Investors Weigh In On Bank of Montreal

Several large investors have recently made changes to their positions in the business. National Bank of Canada FI boosted its holdings in Bank of Montreal by 4.9% in the 2nd quarter. National Bank of Canada FI now owns 14,761,836 shares of the bank's stock worth $1,231,564,000 after acquiring an additional 692,049 shares during the period. Toronto Dominion Bank grew its stake in Bank of Montreal by 14.9% in the third quarter. Toronto Dominion Bank now owns 11,812,353 shares of the bank's stock worth $1,065,474,000 after purchasing an additional 1,534,508 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Bank of Montreal by 6.8% during the second quarter. 1832 Asset Management L.P. now owns 7,312,320 shares of the bank's stock valued at $613,138,000 after buying an additional 463,924 shares in the last quarter. JARISLOWSKY FRASER Ltd lifted its holdings in Bank of Montreal by 36.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 5,239,662 shares of the bank's stock worth $439,705,000 after buying an additional 1,412,532 shares during the last quarter. Finally, FMR LLC grew its position in shares of Bank of Montreal by 14.2% in the 3rd quarter. FMR LLC now owns 5,046,721 shares of the bank's stock worth $455,397,000 after acquiring an additional 625,797 shares in the last quarter. Institutional investors and hedge funds 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.

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