Bank of Montreal (TSE:BMO) Price Target Cut to C$124.00 by Analysts at Royal Bank of Canada

Bank of Montreal (TSE:BMO) (NYSE:BMO) had its target price reduced by Royal Bank of Canada from C$130.00 to C$124.00 in a report released on Thursday morning, BayStreet.CA reports. They currently have an outperform rating on the bank’s stock.

Several other analysts have also recently commented on the stock. Desjardins cut shares of Bank of Montreal from a buy rating to a hold rating and decreased their price objective for the company from C$133.00 to C$129.00 in a research note on Thursday. TD Securities decreased their price objective on shares of Bank of Montreal from C$142.00 to C$135.00 and set a buy rating for the company in a research note on Thursday. Scotiabank decreased their price objective on shares of Bank of Montreal from C$137.00 to C$129.00 and set an outperform rating for the company in a research note on Thursday. CIBC decreased their price objective on shares of Bank of Montreal from C$125.00 to C$120.00 and set a neutral rating for the company in a research note on Friday, March 8th. Finally, Canaccord Genuity Group decreased their price objective on shares of Bank of Montreal from C$140.00 to C$136.00 and set a buy rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Bank of Montreal has an average rating of Moderate Buy and a consensus target price of C$132.78.

Bank of Montreal Stock Up 1.4 %

Shares of Bank of Montreal stock opened at C$121.55 on Thursday. The firm’s 50 day moving average price is C$128.08 and its 200-day moving average price is C$125.58. The company has a market cap of C$88.18 billion, a P/E ratio of 16.67, a PEG ratio of 0.54 and a beta of 1.19. Bank of Montreal has a 52-week low of C$102.67 and a 52-week high of C$133.95.

Bank of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, July 30th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Tuesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.51. Bank of Montreal’s payout ratio is presently 82.85%.

Insider Buying and Selling

In related news, Director Darrel Hackett sold 3,297 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of C$91.76, for a total value of C$302,532.72. In other news, Senior Officer Nadim Hirji sold 2,882 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of C$130.46, for a total transaction of C$375,985.72. Also, Director Darrel Hackett sold 3,297 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of C$91.76, for a total transaction of C$302,532.72. 0.03% of the stock is owned by insiders.

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.