Bank of Montreal (NYSE:BMO) to Post Q3 2023 Earnings of $2.52 Per Share, Cormark Forecasts

Posted by Defense World Staff on May 26th, 2023

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) – Cormark issued their Q3 2023 earnings per share (EPS) estimates for shares of Bank of Montreal in a research report issued to clients and investors on Wednesday, May 24th. Cormark analyst L. Persaud anticipates that the bank will earn $2.52 per share for the quarter. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.79 per share. Cormark also issued estimates for Bank of Montreal’s Q4 2023 earnings at $2.43 EPS, FY2023 earnings at $9.10 EPS, Q1 2024 earnings at $2.55 EPS, Q2 2024 earnings at $2.43 EPS, Q3 2024 earnings at $2.49 EPS, Q4 2024 earnings at $2.36 EPS and FY2024 earnings at $9.59 EPS.

Separately, StockNews.com initiated coverage on Bank of Montreal in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $152.70.

Bank of Montreal Stock Performance

Shares of NYSE:BMO opened at $82.89 on Friday. Bank of Montreal has a 12-month low of $81.57 and a 12-month high of $110.67. The company’s 50 day moving average price is $88.22 and its two-hundred day moving average price is $93.16. The firm has a market cap of $59.12 billion, a PE ratio of 6.76, a PEG ratio of 1.76 and a beta of 1.14. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.12.

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last released its quarterly earnings results on Tuesday, February 28th. The bank reported $2.39 EPS for the quarter, beating the consensus estimate of $2.33 by $0.06. Bank of Montreal had a net margin of 22.13% and a return on equity of 13.65%. The business had revenue of $4.80 billion for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC acquired a new stake in shares of Bank of Montreal in the 4th quarter valued at $29,000. Guardian Wealth Advisors LLC acquired a new stake in Bank of Montreal in the third quarter valued at about $29,000. Daiwa Securities Group Inc. bought a new position in Bank of Montreal in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of Montreal during the first quarter worth about $36,000. Finally, Stonebridge Capital Advisors LLC lifted its holdings in shares of Bank of Montreal by 339.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 439 shares of the bank’s stock worth $40,000 after acquiring an additional 339 shares during the last quarter. 42.78% of the stock is currently owned by institutional investors and hedge funds.

Bank of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Friday, July 28th will be given a dividend of $1.085 per share. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $4.34 annualized dividend and a dividend yield of 5.24%. Bank of Montreal’s dividend payout ratio (DPR) is currently 34.50%.

About Bank of Montreal

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Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial Banking (Canadian P&C) and United States Personal and Commercial Banking (U.S. P&C). The Canadian P&C segment refers to retail banking and financial operations in Canada.