Royal Bank of Canada Downgrades Bank of Montreal (TSE:BMO) to Sector Perform

Bank of Montreal (TSE:BMO) (NYSE:BMO) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report released on Wednesday, BayStreet.CA reports. They presently have a C$98.00 price objective on the bank’s stock, down from their previous price objective of C$109.00. Royal Bank of Canada’s price target points to a potential upside of 4.80% from the company’s current price.

Other equities research analysts have also issued reports about the stock. National Bank Financial lowered their price target on shares of Bank of Montreal from C$110.00 to C$109.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. Desjardins reiterated a “hold” rating and issued a C$105.00 price target on shares of Bank of Montreal in a research note on Tuesday, November 5th. Scotiabank lifted their price target on shares of Bank of Montreal from C$107.00 to C$110.00 in a research note on Thursday, February 20th. Finally, CIBC lifted their price target on shares of Bank of Montreal from C$105.00 to C$107.00 in a research note on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of C$104.83.

BMO opened at C$93.51 on Wednesday. The stock has a market capitalization of $64.51 billion and a P/E ratio of 10.80. Bank of Montreal has a 12 month low of C$88.24 and a 12 month high of C$106.51. The firm’s fifty day simple moving average is C$102.05 and its 200 day simple moving average is C$98.78.

Bank of Montreal (TSE:BMO) (NYSE:BMO) last posted its quarterly earnings data on Tuesday, December 3rd. The bank reported C$2.43 EPS for the quarter, beating the consensus estimate of C$2.40 by C$0.03. The company had revenue of C$6.09 billion during the quarter, compared to the consensus estimate of C$5.84 billion. As a group, equities research analysts predict that Bank of Montreal will post 10.3000011 EPS for the current fiscal year.

In other Bank of Montreal news, Senior Officer Richard D. Rudderham sold 313 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of C$104.47, for a total value of C$32,699.11. Also, Senior Officer Mona Elizabeth Malone sold 5,347 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of C$101.22, for a total transaction of C$541,234.03. Following the completion of the sale, the insider now directly owns 1,164 shares of the company’s stock, valued at approximately C$117,822.41.

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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Analyst Recommendations for Bank of Montreal (TSE:BMO)

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