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

Bank of Montreal (NYSE:BMO) (TSE:BMO) announced a quarterly dividend on Wednesday, May 27th, Zacks reports. Investors of record on Tuesday, August 4th will be paid 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 dividend yield of 5.48%. The ex-dividend date is Monday, August 3rd.

Bank of Montreal has increased its dividend by an average of 20.7% per year over the last three years and has raised its dividend every year for the last 3 years. Bank of Montreal has a payout ratio of 54.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bank of Montreal to earn $5.52 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 54.7%.

Shares of Bank of Montreal stock opened at $55.52 on Friday. The stock has a market capitalization of $35.70 billion, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 2.39 and a beta of 1.11. 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 company has a 50-day simple moving average of $54.37 and a 200 day simple moving average of $57.99. Bank of Montreal has a 12-month low of $38.31 and a 12-month high of $79.93.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Wednesday, May 27th. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.10. The business had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.99 billion. Bank of Montreal had a net margin of 13.51% and a return on equity of 11.85%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter last year, the company posted $2.30 EPS. On average, equities analysts anticipate that Bank of Montreal will post 4.96 earnings per share for the current year.

Several equities research analysts have weighed in on the stock. TD Securities cut shares of Bank of Montreal from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 28th. National Bank Financial cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 price objective for the company. in a research report on Thursday, May 28th. Credit Suisse Group began coverage on shares of Bank of Montreal in a research note on Monday, June 29th. They issued a “hold” rating and a $76.00 target price on the stock. BMO Capital Markets lowered shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 target price on the stock. in a research note on Wednesday, May 27th. Finally, Royal Bank of Canada reaffirmed a “market perform” rating on shares of Bank of Montreal in a research note on Friday, May 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $77.90.

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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Dividend History for Bank of Montreal (NYSE:BMO)

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