|Bid||0.00 x 1400|
|Ask||0.00 x 1400|
|Day's Range||73.35 - 73.97|
|52 Week Range||62.79 - 84.23|
|Beta (3Y Monthly)||1.24|
|PE Ratio (TTM)||11.96|
|Forward Dividend & Yield||3.10 (4.22%)|
|1y Target Est||85.95|
BMO Global Asset Management Announces Cash Distributions for Certain BMO Exchange Traded Funds and ETF Series
Media Advisory - BMO Capital Markets Group Head, Dan Barclay, to speak at the CIBC Eastern Institutional Investor Conference
NEW YORK , Sept. 18, 2019 /PRNewswire/ - Bank of Montreal (TSX: BMO)(NYSE: BMO) today announced the quarterly coupon amount for the Dorsey Wright MLP Index ETNs due December 10, 2036 (NASDAQ: BMLP) (the ...
TORONTO , Sept. 16, 2019 /CNW/ - For the second year, BMO Financial Group is participating in Plan International Canada's Girl's Belong Here initiative for International Day of the Girl in the role of Leading Sponsor. Starting today and leading up to International Day of the Girl on October 11 , BMO will be hosting events to provide mentorship and business leadership experience to young women between the ages of 14-23 years. This will include: a roundtable discussion, hosted by Joanna Rotenberg , Group Head BMO Wealth Management, between women leaders and Plan International youth and "seat share" days during which participating girls will temporarily assume the role of BMO executives.
(Bloomberg) -- A team of Bank of Montreal commercial bankers have traded their suits and ties for Ford F-150 pickups to reach Canada’s remote regions and build up a part of their business that has yet to see a bad loan.Indigenous banking is one area Chief Executive Officer Darryl White targeted in June when he vowed increased support for small-business lending and sustainable finance, as well as inclusiveness and diversity. The Toronto-based bank plans to double the size of its C$4.4 billion ($3.4 billion) book of indigenous commercial loans, deposits and investments by 2025.“We should actually exceed that by a bit,” Stephen Fay, head of indigenous banking, said in an interview at his Toronto office. “I’m confident we can do it just by doing what we’ve done in the past.”Fay thinks he can beat his boss’s target even as he faces competition to reach the indigenous population, Canada’s fastest-growing group, from rivals including Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, as well as new entrants such as private lender Bridging Finance Inc. Growth at Bank of Montreal’s division has been about 21% so far this fiscal year, surpassing its historical pace and above Fay’s annual goal of 19%.Bank of Montreal started an aboriginal banking unit in 1992 with Ron Jamieson, a Mohawk from Six Nations Reserve in Ontario, running the business. He led a lean operation in the early years, with a handful of bankers lending, gathering deposits and establishing on-reserve housing-loan programs. Then Fay was tapped for a commercial-banking deal, his area of expertise.“I was able to do an infrastructure deal there,” Fay, 62, said. “It took me about six months of hard work trying to gain their trust, but we were successful and Ron liked how I did it.”Isolated AreasJamieson asked Fay to join his team. Fay has headed the unit since 2009, and now oversees eight dedicated bankers across Canada, who are supported by about 60 account managers along with experts from other parts of the bank.Clients are not always easy for the bankers to reach. In Quebec, for example, Bank of Montreal has on-reserve branches at Wemindji and Waskaganish on the James Bay coast, two remote communities linked by a road that takes eight hours to traverse.“All, with the exception of one, have an F-150 because what I found was the previous vehicles we were giving them when they were going into these remote communities would get damaged on some of the roads,” Fay said.Success requires doing things differently: ditching neckties and forgoing email, and instead traveling to indigenous communities for face-to-face meetings -- and listening, Fay said.“Picking up the phone and using text is not going to work,” he said. “You go into the community and spend time talking to people. You may not even talk about business in the first one or two visits, but you’re going to get to know people and build that trust and then try and find a way to provide value.”Membertou First Nation, an urban Mi’kmaq community of 1,700 on the east coast’s Cape Breton Island, has dealt with Bank of Montreal for almost a decade, a relationship that began with a cold call from Fay, said Mike McIntyre, Membertou’s chief financial officer.Sports ComplexThe two built up a dialogue and the first deal was a C$700,000 loan to buy a garage for housing public-works equipment, McIntyre said. The bank has since provided more than C$20 million for on-reserve housing, fishing boats and a sports complex.“They get it,” McIntyre said. “These guys are sincere and the people they have working for them strictly deal with First Nation banking.”The biggest deal for Bank of Montreal’s indigenous banking unit this year was about C$80 million, involving a real estate development in western Canada. About 70% of the unit’s loans are less than C$20 million. Other areas of banking include providing on-reserve home loans, cash-management services, infrastructure finance and helping indigenous groups with land-claims settlements, which have resulted in trusts that spin off income.The bank has set up 122 on-reserve housing-loan programs, an initiative started in 1995 and designed to permit loans even with Indian Act restrictions on land ownership and mortgages. Under the programs, the borrowing risk falls to both the bank and the community.Indigenous banking has also proven to be a low-risk venture, more akin to lending to cities and other governments since the main borrowers are the band or wholly owned entities.“We’ve had no write-offs and, if you ask the other banks, they’ll tell you the same thing,” Fay said. “We look at First Nations or indigenous governments as a government: They’ve got elected chiefs and councils, they are here for the long haul and are not going to go away.”To contact the reporter on this story: Doug Alexander in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, ;David Scanlan at firstname.lastname@example.org, Daniel Taub, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It was the most ambitious overseas acquisition by a Polish company — and it has not gone according to plan. hit the cash-flows from KGHM’s new assets, triggering a slump in its share price. Seven years on, the Sierra Gorda mine in Chile that came with the deal is still lossmaking, and KGHM’s market capitalisation is around half the 28bn zloty it was in 2012.
TORONTO , Sept. 10, 2019 /CNW/ - BMO Bank of Montreal announced the launch of a new lending solution which provides customers the simplicity of applying for a personal line of credit directly from their mobile devices. "Canadians continue to turn to their mobile devices for their day-to-day banking. A true digital experience: An application can be completed from a mobile device through a simple digital interface.
TORONTO , Sept. 9, 2019 /CNW/ - Bank of Montreal (BMO.TO) (BMO) today announced a domestic public offering of $1.0 billion of subordinated notes (Non-Viability Contingent Capital (NVCC)) (the "Notes") through its Canadian Medium-Term Note Program. BMO Capital Markets is acting as lead agent on the issue. The Bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada (the "Superintendent"), redeem the Notes on or after September 17, 2024 , at par, in whole at any time or in part from time to time, on not less than 30 days' and not more than 60 days' notice to registered holders, at a redemption price that is equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.
Cannabis Countdown: Top 10 Marijuana Stock News Stories of the Week Welcome to the Cannabis Countdown . In this week’s rendition, we’ll recap and countdown the top 10 marijuana stock news stories for ...
One of the biggest banks in Canada, Bank of Montreal (NYSE: BMO), does not allow investors to short cannabis stocks, according to the Financial Post. The bank has reportedly blocked the option of shorting cannabis stocks through its InvevstorLine brokerage to at least four retail investors. The investors were unable to examine another option to short those stocks with the Bank of Montreal.
When the U.S. Federal Reserve ended its interest rate hiking cycle and started lowering rates instead, financial stocks drifted lower. With lower rates, banks earn fewer profits from the interest rate spread. Plus, rate cuts are usually done to stimulate a slowing economy. If banks rely on a healthy economy to get deals and drive more business, then we may expect profits to slow down.But there are several financial stocks to buy now that have the potential to bounce back higher as profit growth steadies.A few of these stocks to buy happen to be Canadian banks, which means there are a few important things to consider when investing in these stocks:InvestorPlace - Stock Market News, Stock Advice & Trading Tips * Even though they are listed on U.S. exchanges, a drop in the Canadian dollar against the U.S. dollar may hurt their stock price. * Investors may want to hold Canadian banks in a retirement account to avoid the 15% withholding tax. * The 10 Reasons to Buy Alibaba Stock With that out of the way, the here are the best financial stocks to own based on valuation, future growth prospects and dividend yield. Best Financial Stocks to Buy Now: Toronto-Dominion Bank (TD)Source: Bandersnatch / Shutterstock.com Toronto-Dominion Bank (NYSE:TD) reported third-quarter earnings on Aug. 29. It earned C$1.79 a share (non-GAAP) and GAAP earnings-per-share of C$1.74; meanwhinel, revenue rose 6.1% year-over-year to C$10.5 billion.TD has a healthy balance of exposure in Canadian and U.S. retail. Canadian Retail adjusted net income rose 3% from last year to C$1.92 billion. It benefited from both higher volumes and higher margins. Revenue from its wealth and insurance business also increased. Its U.S. Retail Bank adjusted net income grew 11% year-over-year to C$1.29 billion. TD Ameritrade performed very well as revenue grew 21% YoY.TD reported positive results in each of its segments because it continued to elevate the customer experience. It introduced solutions such as an international remittance tool. This lets its customers send money through Easy Web for a cash payout at over 500,000 Western Union (NYSE:WU) locations worldwide. Its discount brokerage benefited from a refreshed Learning Center. In its U.S. Retail bank unit, revenue grew due to strong loan and deposit growth, along with higher fee income.TD's net interest margin was 3.27%, down sequentially on lower deposit margins and balance sheet mix. It also posted a 12% sequential increase in credit card losses ($191 million). These numbers are not enough to alarm investors. Its Tier 1 ratio is 12%, consistent with the prior quarter. Overall, TD benefited from strong credit quality across its portfolios and expects continued growth ahead.TD shares have a dividend yielding 4.16% and a price-to-earnings ratio of 11.6X. Royal Bank of Canada (RY)Source: Shutterstock Royal Bank of Canada (NYSE:RY) reported non-GAAP EPS of C$2.26 and GAAP EPS of C$2.22. Net income grew 8% to C$1.609 billion. Revenue rose 4.6% YoY to C$11.54 billion.The company reported higher earnings in Personal and Commercial Banking and Wealth Management and Insurance. It benefited from higher average fee-based client assets, driven by market appreciation and net sales. Net interest income grew thanks to average volume growth. This was offset by lower earnings in Capital Markets and Investor and Treasury Services. Royal recorded an 8 bps increase in provisions for credit losses (PCL), due to higher provisions in Capital Markets. But its CET1 ratio is a healthy 11.9% and the company raised its dividend by 3% to $1.05 a share. Royal also faced higher costs in support of business growth and higher variable compensation.To further increase shareholder returns, Royal Bank announced that it bought back C$197 million in the quarter and 5.7 million shares year-to-date.Looking ahead, the bank's strong underlying credit quality from its Canadian residential portfolio should continue to lift results. Interests are likely to fall next month in the country, stimulating mortgage demand. In Q3, its total mortgage portfolio was C$256 billion. * 10 Mid-Cap Stocks to Buy Royal Bank trades at a P/E of 11.39 times earnings, while the stock offers a dividend yielding 4.21%. Bank of Montreal (BMO)Source: Rajiv Patel Via FlickrBank of Montreal (NYSE:BMO) fell hard in August ahead of its earnings report but finally found support at around $67. Even after a slight bounce, closing at $68.60, BMO stock trades at 9.7 times earnings. Its dividend yield is 4.55%. BMO reported non-GAAP EPS of C$2.36 and revenue growth of 4.5%, to C$5.78 billion. Despite reporting a higher provision for credit losses in the quarter, the market bid the stock higher after the quarterly report.Despite reporting higher provisions, its CEO expressed confidence for its overall credit quality in its portfolio. The higher provision is due to a few factors. First, higher Canadian consumer losses realized are due almost entirely to the implementation issues with a new consumer collections platform. Second, it took a single large loss from its Canadian commercial portfolio. And third, its performing loans (PCL) increased due to a modestly softer economic outlook.To improve its performance for the rest of the year, Bank of Montreal will look for efficiencies. As it works to lower its efficiency ratio down and delivering it through operating leverage, it aims to reach an efficiency target of 58% by 2021.In the fourth quarter, the bank is on track to deliver positive operating leverage. Expense growth will slow by half the rate of the first half of the year. JPMorgan Chase (JPM)Source: Bjorn Bakstad / Shutterstock.com JPMorgan Chase (NYSE:JPM) reported quarterly results on July 16, which sent JPM stock to a YTD high of around $116. But the stock fell slightly and closed recently at $109.22. Shares are valued at 11.12 times earnings and have a dividend yield of 3.3%.On Aug. 14, when the yield curve first inverted (the 10-year Treasury yield fell below the two-year Treasury rate), bank stocks sold off. Yet economic expectations are still strong and should limit any drop in JPM stock.In Q2 19, JPMorgan reported net income of $9.7 billion and EPS of $2.82. While total loans rose 2%, home lending average loans fell 7% YoY. Average deposits rose 4% YoY. The bank ended the quarter with a Standardized CET1 ratio of 12.2%. In the quarter, JPMorgan delivered strong capital returns by distributing $7.5 billion to shareholders. This includes a $5 billion stock buyback. * 10 Lithium Stocks to Buy Despite the Market's Irrationality JPMorgan's Consumer and Community Banking delivered $4.2 billion in net income, up 22% from last year. Higher net interest income and higher auto lease volumes drove these strong results. The strong credit performance across businesses and another quarter of positive operating leverage should continue for the rest of the year. The credit business benefits from credit costs of $1.1 billion, down 5% YoY. Charge-off rates of 8 basis points were favorable in the quarter and will continue to be so. Strong card loan growth and a good mortgage business suggest steady performance for the next few quarters. Banco Santander (SAN)Source: Mike Mozart via Flickr (Modified)Banco Santander (NYSE:SAN) looked as though it would hold the $4.60 - $5 range earlier this year. That range broke down when the stock fell last month and in August. SAN stock closed at $3.78 and has a P/E of 7.89X. Its dividend yield is 6.88%.In the second quarter, Santander reported strong sequential volume growth in loans (up 2%) and consumer funds (up 3%). Profits grew by 8%. Its loyal and digital customer base grew at an impressive double-digit growth. In Q2, profits of EUR 1.391 billion was affected by a EUR 706 million charge, mostly due to restructuring costs. For H1/2019, its underlying profit topped EUR 4,045 billion ($4.469 billion).Santander has a healthy profitability and solvency profile. CET1 was 11.3%, down 49 bps YTD due to regulatory effects and restructuring costs. With an enormous customer base and steady growth over the last year, Santander is one of the worst-performing financial stocks. Management is aware of the difficulty with growing revenue in mature markets. More competitors are coming to the market, so price reductions hurt profit growth. Still, it continues to increase its strategy of earning customer loyalty. And as it cuts costs by at least EUR 1 billion in Europe, profitability will grow.Banco Santander has a healthy balance sheet and continues to build its capital ratio. With lower costs and profit growth ahead, Santander stock should eventually find a bottom. Bank of America (BAC)Source: Tero Vesalainen / Shutterstock.com Bank of America (NYSE:BAC) showed a "double top" at $31 between May and the end of July on the charts. And for the rest of August, the stock slumped, bottoming in the $26 range and closing recently at $27.33. The stock has a P/E of 9.73X and a dividend yield of 2.63%. This U.S. bank is relatively cheaper compared to its peers.BAC reported earnings on July 17: GAAP EPS of 74 cents and revenue of $23.1 billion. Revenue grew 2%, but it is the return metrics that should impress investors. Return on average assets rose to 1.23%, up from 1.17% last year. The return on average common shareholders' equity topped 11.6%, up from 10.8%. Bank of America grew loans and leases by 4%. Average deposits increased $75 billion, up 6% YoY. Since Q2 18, client flows increased by $24 billion.BAC reported a CET1 of $171 billion and a CET1 ratio of 11.7%. To signal confidence in its business growth ahead, it raised its dividend by 20%. And when the book value per share rose 10% to $26.41, investors are clearly paying a very small premium for the business. * 7 Stocks to Buy In a Flat Market The market is overlooking the consistent performance of this bank. It delivered positive operating leverage for 18 consecutive quarters. So, growing consumer banking digital usage, increasing average deposits and higher loans and leases will lead to continued profit growth. Wells Fargo (WFC)Source: Ken Wolter / Shutterstock.com Wells Fargo (NYSE:WFC) is still in the dog house, years after it signed customers up for unwanted auto insurance and opening of accounts in customers' names. The stock is stuck in the $45 - $50 range, closing at $46.19 recently. At a P/E of 9.8X and with a dividend yielding 4.49%, investors may wait for the company to continue repairing its reputation. As it wins back customers, growth will come.Wells Fargo reported Q2 2019 net income of $6.2 billion and diluted EPS of $1.30. Its return of average tangible common equity (ROTCE) was 15.78%. Customer sentiment improved when a branch survey indicated the highest level of customer loyalty and "overall satisfaction with the most recent visit" in over three years. Loans and deposits grew from last year, debit and credit cards rose and credit card usage increased. The company returned $6.1 billion to shareholders through stock buybacks and stock dividends. And with its dividend at 45 cents a share, this is up 15% from last year.Wells Fargo expects that despite the Fed funds rate falling, consumer deposits will increase. Since deposits are very inexpensive to operate, it expects healthy benefits from higher deposits. It also has a promotional activity plan ready to attract deposits. Costs are always something the bank may work on lowering. As it prioritizes expense control without compromising risk controls, performance should improve.As of this writing, Chris Lau owned shares of Banco Santander. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Best Tech Stocks to Buy Right Now * 10 Mid-Cap Stocks to Buy * 8 Precious Metals Stocks to Mine For The post 7 of the Best Financial Stocks to Buy Now appeared first on InvestorPlace.
TORONTO , Sept. 3, 2019 /CNW/ - According to a new survey released today by BMO, first-time home buyers generally have a positive outlook on the housing market. Across Canada , first-time buyers in Alberta are the most optimistic with over 50 per cent believing it is a good time to buy.
TORONTO , Aug. 30, 2019 /CNW/ - BMO has been awarded Best Commercial Bank in Canada , 2019 by World Finance Magazine. BMO has received the distinction from the international publication for five consecutive years. The 2019 World Finance Banking Awards recognized BMO's strong client centric strategy, investment in digitization, diverse product offering and holistic understanding of its commercial clients' banking needs.
Higher revenues, and decent loan and deposit growth support Bank of Montreal's (BMO) fiscal Q3 earnings. However, increase in credit costs is a headwind.
Moody's Investors Service has affirmed the P-1 ratings assigned to the Port Authority of New York and New Jersey's (PANYNJ, or Port Authority) Commercial Paper Series A ($250 million authorized), Commercial Paper Series B ($250 million authorized), and Commercial Paper Series C ($250 million authorized).
Bank of Montreal (NYSE: BMO ) reported third-quarter earnings of $1.80 per share, which beat the analyst consensus estimate of $1.67 by 8.32%. This is a 0.6% decrease over earnings of $1.82 per share from ...
(Bloomberg) -- Bank of Nova Scotia’s focus on Latin America proved a better bet than Bank of Montreal’s U.S. push in the fiscal third quarter.Scotiabank’s earnings topped analysts’ estimates on a surge in profit in its international-banking division, fueled by a sharpened focus on Latin America, and lower provisions for loan losses. Bank of Montreal, meanwhile, fell short of expectations amid greater set-asides for bad loans and more muted growth at its U.S. personal-and-commercial banking division.“Scotia’s beat against expectations was almost the polar opposite of BMO’s this morning: better-than-expected provisions, largely reflecting reversals of previous provisions on performing loans,” Barclays Plc analyst John Aiken said Tuesday in a note to clients. “The largest beneficiary is the international segment.”Scotiabank shares gained 0.9% to C$68.39 at 12:18 p.m. in Toronto, while Bank of Montreal plunged 4.1% to C$88.59, its steepest intraday decline since February 2016. Scotiabank is up 0.5% this year, compared with Bank of Montreal’s 0.7% decline and the 3% gain for Canada’s eight-company S&P/TSX Commercial Banks Index.At Scotiabank, the international-banking division earned C$902 million ($682 million), up 90% from a year ago, when results were pared by acquisition costs. Adjusted profit in the division was up 20%, the biggest gain among the Toronto-based lender’s three main segments. Chief Executive Officer Brian Porter has been focusing on the stable Latin American markets of Mexico, Chile, Colombia and Peru, with a recent acquisition in Chile helping drive growth as the bank retreated from other areas.At smaller competitor Bank of Montreal, which has focused on the U.S. for greater growth under CEO Darryl White, the earnings increase at its U.S. personal-and-commercial unit, which includes Chicago-based BMO Harris Bank, cooled to 1.1%. That was the smallest expansion since the fourth quarter of fiscal 2017 and was due to higher loan losses and declining net interest margins. Still, profit from the Toronto-based bank’s overall U.S. operations, which include capital markets and wealth management in the country, was up 17% from a year ago.‘Strong Level’“Our growth in U.S. personal and commercial has really been very, very good over the last few years, and well in excess of peers,” Chief Financial Officer Tom Flynn said in an interview. “We’ve talked about expecting some moderation from the very strong level of growth we’ve had as a reasonable thing to expect, and we’re confident in our ability to continue to outperform peers.”Bank of Montreal expects to do better than its peers in the U.S. even amid an economic backdrop hampered by trade uncertainties, an issue White flagged during a conference call with analysts.“It’s hard to ignore the fact that the trade tensions are creating, first of all, volatility in the markets, as you know well, but also some suppression of growth,” White said. “Our customer base in Canada and the U.S. continues to spend and continues to expand, I would say, a little bit more prudently than perhaps they might have six or 12 months ago.”Scotiabank had adjusted earnings of C$1.88 a share for the three months through July 31, topping analysts’ average estimate of C$1.85, while Bank of Montreal’s adjusted earnings of C$2.38 fell short of the C$2.49 estimate. The miss was driven by higher loan-loss provisions as Canadian consumer losses rose with the migration to a new collections platform, the bank recorded a single large loss from an impaired Canadian commercial loan in the health-care sector and set-asides for performing loans were increased.Loan Losses“Our loan losses were up in the quarter and they were up from low levels in the last two quarters,” Flynn said, adding that that the prior quarters benefited from recoveries. “We do expect the loan losses to be down from the current level that we had in the third quarter as we look out to the fourth quarter.”Bank of Montreal also said Tuesday that it’s winding down its property and casualty reinsurance operations.“In light of the environment in the reinsurance sector, performance is no longer meeting our risk-return expectations and so we’ve made the strategic decision to exit the majority of this business,” White said on his company’s call.(Updates with analyst, executive comments starting in third paragraph.)To contact the reporter on this story: Doug Alexander in Toronto at email@example.comTo contact the editors responsible for this story: David Scanlan at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, Daniel Taub, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Scotiabank's shares rose 1.7% to C$68.90 in morning trading in Toronto, while BMO dropped 3.3% to C$89.33, its lowest since Jan. 7. Banks in Canada are seeing increased credit provisions on elevated household debt-to-income ratios and struggles in the oil and gas sector, while margins and capital markets businesses face pressure from a global economic slowdown and trade uncertainties. BMO reported a 64.5% jump in loan-loss provisions of during the quarter from a year ago.
Bank of Montreal (BMO) delivered earnings and revenue surprises of -3.76% and 12.30%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
Canadian lender Bank of Nova Scotia beat estimates for quarterly profit on Tuesday, as strength in its international division buffered the bank from higher credit provisions, a factor that led rival Bank of Montreal to disappoint. Scotiabank's shares rose 1.7% to C$68.90 in morning trading in Toronto, while BMO dropped 3.3% to C$89.33, its lowest since Jan. 7. Banks in Canada are seeing increased credit provisions on elevated household debt-to-income ratios and struggles in the oil and gas sector, while margins and capital markets businesses face pressure from a global economic slowdown and trade uncertainties.