Bank of Montreal Upgraded by Royal Bank of Canada

The Bank of Montreal (TSE:BMO - Get Free Report), also listed on the NYSE as BMO, received a positive update from analysts at Royal Bank of Canada. In a report released on Wednesday, they upgraded the bank's rating from "sector perform" to "outperform." Additionally, they raised their price target for Bank of Montreal's stock from C$133.00 to C$161.00. This new target suggests a potential increase of 13.30% based on the stock’s previous closing price.

Several other analysts have also recently reviewed Bank of Montreal’s performance. For instance, TD Securities increased their price objective for the bank from C$114.00 to C$131.00 in a report prepared on November 15th. Meanwhile, on December 6th, CIBC moved their rating from "neutral" to "outperform," raising the price target from C$134.00 to C$150.00. That same day, Scotiabank also improved their rating from "sector perform" to "outperform," adjusting their price target from C$147.00 to C$160.00. Additionally, CIBC World Markets shifted the bank’s rating from "hold" to "strong buy." Canaccord Genuity Group raised their target price for the shares from C$143.00 to C$148.00.

Current Analyst Ratings

Overall, five investment analysts have given Bank of Montreal a hold rating, eight have recommended a buy, and one analyst has issued a strong buy rating. According to MarketBeat data, the consensus average rating for the bank's stock is a "Moderate Buy" with an average target price of C$135.92.

Stock Performance

On the day following the upgrade, Bank of Montreal's stock rose by 2.1%, reaching C$142.10. During the trading day, 1,175,854 shares changed hands, which is less than the stock's average volume of 1,565,044 shares. The market cap of the bank stands at C$103.65 billion, with a price-to-earnings ratio of 16.35. The Bank of Montreal has experienced a price range over the past year, with a low of C$109.02 and a high of C$147.54. The stock’s 50-day and 200-day simple moving averages are C$135.27 and C$124.21, respectively.

Insider News

In other news related to Bank of Montreal, director William Darryl White sold 11,376 shares on December 13th at an average price of C$140.79, resulting in a transaction value of approximately C$1,601,592.91. Corporate insiders currently own 0.03% of the company’s stock.

Company Overview

Bank of Montreal is a comprehensive financial services provider situated in North America. It operates through four primary business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.

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