What is Cormark’s Estimate for BMO FY2024 Earnings?

Bank of Montreal (NYSE:BMO) (TSE:BMO) – Cormark decreased their FY2024 earnings estimates for shares of Bank of Montreal in a research report issued to clients and investors on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will earn $7.35 per share for the year, down from their prior forecast of $7.52. The consensus estimate for Bank of Montreal’s current full-year earnings is $7.40 per share. Cormark also issued estimates for Bank of Montreal’s FY2025 earnings at $8.10 EPS and FY2026 earnings at $9.13 EPS.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter last year, the company earned $2.08 earnings per share. The company’s revenue was up .2% compared to the same quarter last year.

Several other research firms have also recently commented on BMO. Barclays lowered 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 note on Wednesday, August 28th. Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $123.00 to $112.00 in a report on Wednesday, August 28th. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada lowered shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report 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 stock. According to data from MarketBeat, Bank of Montreal has an average rating of “Hold” and a consensus price target of $119.75.

Bank of Montreal Trading Down 1.2 %

Bank of Montreal stock opened at $94.40 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a 1 year low of $76.98 and a 1 year high of $100.12. The firm’s 50-day moving average is $92.18 and its 200-day moving average is $88.24. The company has a market cap of $68.87 billion, a P/E ratio of 14.87, a PEG ratio of 2.57 and a beta of 1.10.

Institutional Investors Weigh In On Bank of Montreal

A number of hedge funds have recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL acquired a new position in Bank of Montreal during the 2nd quarter valued at about $34,000. Rothschild Investment LLC bought a new position in shares of Bank of Montreal during the second quarter worth about $40,000. Wilmington Savings Fund Society FSB bought a new position in shares of Bank of Montreal during the third quarter worth about $45,000. GHP Investment Advisors Inc. grew its holdings in shares of Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock worth $50,000 after buying an additional 393 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Bank of Montreal by 34.6% during the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after buying an additional 160 shares in the last quarter. Institutional investors 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.