05:19:17 EDT Mon 20 Sep 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Bank of Montreal
Symbol BMO
Shares Issued 647,242,067
Close 2021-05-18 C$ 122.36
Recent Sedar Documents

Globe says Bank of Montreal maintained at "buy"

2021-05-19 08:03 ET - In the News

The Globe and Mail reports in its Wednesday, May 19, edition that Canaccord Genuity analyst Scott Chan is calling the valuation for Canadian bank stocks "compelling" ahead of earnings season. The Globe's David Leeder writes that Mr. Chan says in note: "With our positive annual EPS revisions, the group now trades at a P/E of 11 times which is in line with [the] historical average. With a high likelihood of positive EPS revisions post FQ2 results and record capital positions, we believe Big-6 bank shares have the ability to grind higher near term. Since Q1/F21 reporting, the group is up 16 per cent (led by NA, BMO, CM) significantly outperforming the TSX Composite at six per cent. The expectation of improving excess capital provides significant flexibility for supporting: (1) organic growth; (2) resumption of dividend growth once OSFI lifts restrictions; (3) share buyback activity through NCIB which we don't model yet; and (4) M&A which is the biggest wildcard." Mr. Chan continues to rate Bank of Montreal "buy." He boosted his share target to $132 from $125. Analysts on average target the shares at $122.82. The Globe reported on May 12 that Barclays rated BMO "underperform." It was then worth $117.14.

© 2021 Canjex Publishing Ltd. All rights reserved.