Zacks Investment Research upgraded shares of Bank of Montreal (NYSE:BMO) from a hold rating to a buy rating in a research note published on Thursday, Market Beat Ratings reports. They currently have $59.00 price target on the stock.

According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “

Bank of Montreal (NYSE:BMO) opened at 53.04 on Thursday. The firm has a market capitalization of $34.10 billion and a price-to-earnings ratio of 11.55. Bank of Montreal has a 1-year low of $47.54 and a 1-year high of $67.01. The stock’s 50 day moving average is $53.86 and its 200 day moving average is $55.50.

Bank of Montreal (NYSE:BMO) last posted its quarterly earnings data on Tuesday, December 1st. The company reported $1.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.16. The firm had revenue of $4.72 billion for the quarter. During the same period in the previous year, the business posted $1.63 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts predict that Bank of Montreal will post $7.25 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 26th. Investors of record on Monday, February 1st will be given a dividend of $0.6318 per share. This represents a $2.53 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date is Thursday, January 28th.

Other large investors have recently bought and sold shares of the company. HL Financial Services LLC raised its stake in Bank of Montreal by 0.7% in the fourth quarter. HL Financial Services LLC now owns 8,114 shares of the company’s stock valued at $458,000 after buying an additional 58 shares during the period. Ipswich Investment Management Company raised its position in Bank of Montreal by 0.6% in the fourth quarter. Ipswich Investment Management Company now owns 12,525 shares of the company’s stock valued at $707,000 after buying an additional 75 shares in the last quarter. Naples Global Advisors LLC raised its position in Bank of Montreal by 2.1% in the fourth quarter. Naples Global Advisors LLC now owns 18,142 shares of the company’s stock valued at $1,024,000 after buying an additional 377 shares in the last quarter. Ronna Sue Cohen raised its position in Bank of Montreal by 2.6% in the fourth quarter. Ronna Sue Cohen now owns 18,500 shares of the company’s stock valued at $1,044,000 after buying an additional 465 shares in the last quarter. Finally, Benjamin F. Edwards & Company raised its position in Bank of Montreal by 11.0% in the fourth quarter. Benjamin F. Edwards & Company now owns 9,094 shares of the company’s stock valued at $513,000 after buying an additional 900 shares in the last quarter.

Several other research firms have also recently weighed in on BMO. Scotiabank upgraded shares of Bank of Montreal from a sector perform rating to an outperform rating in a research report on Wednesday, December 2nd. Barclays decreased their price objective on shares of Bank of Montreal from $72.00 to $71.00 and set an underweight rating for the company in a research report on Wednesday, December 2nd. RBC Capital reiterated a sector perform rating and set a $84.00 price objective on shares of Bank of Montreal in a research report on Wednesday, December 2nd. BMO Capital Markets reiterated a buy rating on shares of Bank of Montreal in a research report on Tuesday, December 22nd. Finally, Canaccord Genuity reissued a buy rating on shares of Bank of Montreal in a research note on Tuesday, December 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Bank of Montreal currently has an average rating of Buy and a consensus target price of $78.17.

Bank of Montreal (NYSE:BMO) is a financial services company. The Bank provides a range of retail banking, wealth management, and investment banking products and services. It conducts its business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets. The Bank operates primarily in Canada and the United States. It also has operations in the United Kingdom, Europe, the Caribbean and Asia. It also serves customers through its wealth management businesses: BMO Nesbitt Burns, BMO InvestorLine, BMO Private Banking, BMO Global Asset Management and BMO Insurance. BMO Capital Markets, its investment and corporate banking and trading products division, provides a suite of financial products and services to North American and international clients. In the United States, BMO serves customers through BMO Harris Bank, based in the United States Midwest with more than two million retail, small business and commercial customers.

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