Bank of Montreal Raises Share Dividend As Earnings Results Top Forecast
Shares of Bank of Montreal were up 0.65% to $89.58 in pre-market trading on Tuesday after the lender revealed its fourth-quarter earnings that was well ahead of market expectations.
The bank’s earnings per share rose to C$2.10 for the quarter to October 31st from C$1.90 a year earlier, beating forecasts calling for earnings of C$1.85. The Canada’s fourth-biggest lender witnessed its net income gained 11% to $1.35 billion, up from $1.21 billion in the same quarter last year.
Thanks to strong performance by its U.S. personal and commercial business, BMO’s revenue reached C$5.28 billion in the last quarter. That was 6.0% higher than C$4.98 billion the bank earned during the fourth quarter of last year. As the result, BMO boosted its quarterly dividend by two cents to 88 cents per share.
Buy Stop at 89.58, Take profit at 90.00, Stop loss at 89.40