Bank of Montreal to Issue Quarterly Dividend of $0.76 (NYSE:BMO)

Bank of Montreal (NYSE:BMO) (TSE:BMO) declared a quarterly dividend on Wednesday, May 27th, Zacks reports. Shareholders of record on Tuesday, August 4th will be given a dividend of 0.76 per share by the bank on Wednesday, August 26th. This represents a $3.04 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend is Monday, August 3rd.

Bank of Montreal has increased its dividend by an average of 3.3% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Bank of Montreal has a payout ratio of 54.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of Montreal to earn $5.23 per share next year, which means the company should continue to be able to cover its $3.02 annual dividend with an expected future payout ratio of 57.7%.

BMO stock opened at $50.33 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $48.87 and a two-hundred day moving average price of $65.18. The company has a market cap of $33.04 billion, a price-to-earnings ratio of 8.92, a P/E/G ratio of 2.18 and a beta of 1.13. Bank of Montreal has a twelve month low of $38.31 and a twelve month high of $79.93.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 27th. The bank reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.10. Bank of Montreal had a return on equity of 11.98% and a net margin of 13.51%. The firm had revenue of $5.46 billion during the quarter, compared to the consensus estimate of $5.99 billion. During the same period last year, the company earned $2.30 earnings per share. The business’s revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of Montreal will post 5.02 EPS for the current fiscal year.

Several analysts recently weighed in on the company. BMO Capital Markets cut Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 price target for the company. in a report on Wednesday. National Bank Financial cut Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 price target for the company. in a report on Thursday. Bank of America lifted their price target on Bank of Montreal from $53.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 13th. Royal Bank of Canada cut Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Wednesday, February 26th. Finally, Zacks Investment Research raised Bank of Montreal from a “sell” rating to a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $82.10.

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, 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, as well as wealth management products and services, such as insurance products.

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