What is Cormark’s Forecast for TSE:BMO FY2024 Earnings?

Bank of Montreal (TSE:BMO) (NYSE:BMO) – Analysts at Cormark boosted their FY2024 earnings per share (EPS) estimates for Bank of Montreal in a report issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings of $10.21 per share for the year, up from their previous forecast of $10.16. The consensus estimate for Bank of Montreal’s current full-year earnings is $9.65 per share. Cormark also issued estimates for Bank of Montreal’s Q4 2024 earnings at $2.42 EPS and FY2025 earnings at $11.25 EPS.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported C$2.64 earnings per share for the quarter, missing analysts’ consensus estimates of C$2.72 by C($0.08). The firm had revenue of C$8.19 billion during the quarter, compared to the consensus estimate of C$8.23 billion. Bank of Montreal had a net margin of 21.20% and a return on equity of 8.49%.

BMO has been the topic of a number of other reports. Royal Bank of Canada dropped their target price on shares of Bank of Montreal from C$118.00 to C$106.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 28th. Canaccord Genuity Group raised their target price on shares of Bank of Montreal from C$125.00 to C$143.00 in a report on Tuesday, November 19th. Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their target price for the company from C$134.00 to C$117.00 in a report on Wednesday, August 28th. National Bankshares raised their price target on Bank of Montreal from C$127.00 to C$148.00 in a report on Wednesday, November 20th. Finally, Scotiabank upped their price objective on Bank of Montreal from C$112.00 to C$147.00 in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of C$128.50.

Bank of Montreal Price Performance

Shares of BMO opened at C$133.21 on Wednesday. The stock has a market capitalization of C$97.16 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 0.71 and a beta of 1.16. The business’s fifty day moving average price is C$126.86 and its 200 day moving average price is C$121.33. Bank of Montreal has a 12-month low of C$107.16 and a 12-month high of C$134.16.

Bank of Montreal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 26th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is currently 71.35%.

Insider Buying and Selling

In related news, Senior Officer Steven Lloyd Tennyson sold 7,908 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of C$112.16, for a total transaction of C$886,977.10. Also, Senior Officer David Robert Casper sold 12,819 shares of Bank of Montreal stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of C$121.85, for a total value of C$1,562,007.97. Corporate insiders own 0.03% 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.