The Globe and Mail published an article on Sept. 23 that discussed the terrifying — and highly profitable — journey of a bank stock . The bank in question was Royal Bank of Canada (NYSE: RY ), Canada’s largest company and arguably one of North America’s best bank stocks to buy. Although the article is behind a paywall — I’m a subscriber — I can give readers the gist of Globe contributor John Heinzl’s article. Heinzl assumes that an investor bought 10,000 Canadian dollars of Royal Bank stock on Sept. 21, 2002, and held it for the next 20 years, adding no additional contributions over the two decades. While it got hit on two occasions: Late 2008 into 2009 (financial crises) and March 2020 (Covid-19), it ultimately delivered an annualized total return of 12.45% over 20 years. Your 10,000 Canadian Dollars would be worth 104,618 Canadian dollars. The SPDR S&P 500 ETF Trust (NYSEARCA: SPY ) had an annualized total return of 9.7% over the same period, 280 basis points less. Canadian investors love their bank stocks because of the dividends.
Monday marks the last chance for investors to receive the next dividend payout from Canadian Imperial Bank (NYSE: CM ). What''s Happening The company announced on Thursday that it would pay shareholders a quarterly dividend of 83 cents per share. On Tuesday, Canadian Imperial Bank will go ex-dividend, meaning the stock will trade lower to reflect that payout. … Full story available on Benzinga.com
TORONTO , Sept. 22, 2022 /CNW/ - CIBC (TSX: CM ) (NYSE: CM ) – CIBC Asset Management Inc. today announced the September 2022 cash distributions for CIBC ETFs and ETF Series of the CIBC Fixed Income Pools, which distribute monthly and quarterly. Unitholders of record on September 28, 2022 , will receive cash distributions payable on October 5, 2022 . Details of the final "per unit" distribution amounts are as follows: CIBC ETF Ticker Symbols Exchange Cash Distribution Per Unit ($) CIBC Active Investment Grade Corporate Bond ETF CACB TSX $0.047 CIBC Active Investment Grade Floating Rate Bond ETF CAFR TSX $0.043 CIBC Flexible Yield ETF (CAD-Hedged) CFLX TSX $0.056 CIBC Conservative Fixed Income Pool ETF CCNS TSX Full story available on Benzinga.com
Canadian Imperial Bank of Comme found using ticker (CM) have now 2 analysts covering the stock with the consensus suggesting a rating of ''Buy''. The target price ranges between 56.84 and 55.59 and has a mean target at 56.22. Now with the previous closing price of 47.72 this now indicates there is a potential upside of 17.8%. The day 50 moving average is 49.42 while the 200 day moving average is 55.94. The market capitalisation for the company is $43,221m. Company Website: https://www.cibc.com [stock_market_widget type="chart" template="basic" color="green" assets="CM" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $50,919m based on the market concensus. Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES / TORONTO , Sept. 9, 2022 /CNW/ - CIBC (TSX: CM ) (NYSE: CM ) today announced a domestic public offering of $600 million of Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares, Series 56 (Non-Viability Contingent Capital (NVCC)) (the "Preferred Shares"). The Preferred Shares will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets. The Preferred Shares will be issued at a … Full story available on Benzinga.com
What Defines a Value Stock? A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company''s future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. Benzinga Insights has compiled a list of value stocks in the financial services sector that may be worth watching: Banco BBVA Argentina (NYSE: BBAR ) - P/E: 7.2 UWM Hldgs (NYSE: UWMC ) - P/E: 6.12 BanColombia (NYSE: CIB ) - P/E: 5.07 Canadian Imperial Bank (NYSE: CM ) - P/E: 8.91 Community Financial … Full story available on Benzinga.com
Stocks in Toronto traded deep in the red Tuesday, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit. The TSX was off 323.12 points, or 1.629% at 19,512.90. BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West. The bank said Tuesday its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago. BMO shares are trading down $3.09 at $124.68. The Canadian dollar edged down 0.055 cents to 76.35 cents U.S. ON BAYSTREET The TSX Venture Exchange inched lower by 8.00 points, or 1.244%, to 635.33. All of the 12 TSX subgroups were lower, with Energy issues down 3.66%, Material stocks off 2.76 and Health care issues down 2.19%. ON WALLSTREET Stocks in the U.S traded lower as the Federal Reserve and other global central bankers continued to signal a rise in interest rates.
Bank of Montreal missed analysts'' estimates for Q3 earnings as revenue slumped. See why I remain optimistic on BMO''s medium-term earnings outlook.
Stocks in Toronto traded deep in the red this afternoon, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit. The TSX was off 270.45 points, or 1.363% at 19,565.67. BMO …
Markets traded mostly sideways yesterday as the US dollar’s advance was stymied and US yields pushed back slightly lower. China continues to allow its currency to trade toward the lows for the cycle versus the US dollar as the 7.00 area nears in USDCNH. The euro bobbed back up toward parity versus the US dollar yesterday as natural gas prices fell even as Russia shuts the key Nord Stream pipeline down for a purported few days of maintenance. What is our trading focus? Nasdaq 100 (USNAS100.I) and S&P 500 (US500.I) US equities stabilised yesterday following that knee-jerk reaction on Friday to the Jackson Hole presentations with S&P 500 futures touching and bouncing off the 50-day moving average closing above the critical 4,000 level. S&P 500 futures are trading around the 4,044 level this morning sandwiched between the 100-day moving average above this level and the 50-day moving average below suggesting a bigger move is shaping up in either direction. The next big shift in sentiment will be when we get the US August CPI print on 13 September as that is the key data point to shape expectations from current levels.
Bank of Montreal (BMO) is scheduled to announce Q3 earnings results on Tuesday, August 30th, before market open.The consensus EPS Estimate is C$3.14 (-8.7% Y/Y) and the consensus…
Bank of Montreal (NYSE: BMO ) is set to give its latest quarterly earnings report on Tuesday, 2022-08-30. Here''s what investors need to know before the announcement. Analysts estimate that Bank of Montreal will report an earnings per share (EPS) of $2.39. Bank of Montreal bulls will hope to hear the company to announce they''ve not only beaten that estimate, but also to provide positive guidance, or forecasted growth, … Full story available on Benzinga.com
Bank Of Montreal with ticker code (BMO) now have 5 analysts in total covering the stock. The consensus rating is ''Buy''. The target price ranges between 121.64 and 111.64 with the average target price sitting at 117.21. Now with the previous closing price of 104.87 this would indicate that there is a potential upside of 11.8%. The 50 day moving average now sits at 98.45 and the 200 day MA is 108.32. The market capitalisation for the company is $69,772m. Find out more information at: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $77,982m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ./ TORONTO , Aug. 17, 2022 /CNW/ - (TSX: SBC ) (TSX: SBC ) Brompton Split Banc Corp. (the "Company") is pleased to announce it is undertaking an overnight treasury offering of class A and preferred shares (the "Class A Shares" and "Preferred Shares", respectively). The sales period for this overnight offering will end at 9:00 a.m. (ET) on Thursday , August 18, 2022. The offering is expected to close on or about August 25, 2022 and is subject to certain closing conditions including approval by the Toronto Stock Exchange ("TSX"). The Class A Shares will be offered at a price of $12.20 per Class A Share for a distribution rate of 9.8% on the issue price, and the Preferred Shares will be offered at a price of $10.00 per Preferred Share for a yield to maturity of 7.9%. (1) The closing price on the TSX for each of the Class A and Preferred Shares on August 16, 2022 was $12.65 and $9.99 , respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company ("Unit") (calculated as at August 11, 2022 ), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
https://www.investing.com/news/pro/bank-of-montreal-pt-lowered-to-cdn140-at-barclays-432SI-2872559
Bank Of Montreal found using ticker (BMO) have now 5 analysts covering the stock with the consensus suggesting a rating of ''Buy''. The range between the high target price and low target price is between 123.67 and 116.71 calculating the mean target price we have 120.45. Now with the previous closing price of 102.01 this is indicating there is a potential upside of 18.1%. The 50 day MA is 98.99 and the 200 day MA is 108.48. The market capitalisation for the company is $70,109m. Visit the company website at: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $82,783m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
Related Stocks: BMO , BNS , CM , RY , TD ,
Bank Of Montreal found using ticker (BMO) now have 5 analysts covering the stock. The analyst consensus points to a rating of ''Buy''. The range between the high target price and low target price is between 123.01 and 115.1 calculating the average target price we see 119.72. Given that the stocks previous close was at 98.76 this would imply there is a potential upside of 21.2%. There is a 50 day moving average of 99.58 and the 200 day moving average is 108.7. The company has a market capitalisation of $67,076m. Visit the company website at: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $81,311m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
TD Bank and Bank of Montreal both have U.S. deals in the works. Read more to know whether TD or BMO stock is a better buy in light of its U.S. deal-making.
TORONTO , Aug. 5, 2022 /PRNewswire/ -- BMO Financial Group will announce its third quarter 2022 financial results and hold its investor community conference call on August 30, 2022 . Financial results will be issued in a news release at approximately 6:00 a.m. ET . Investor Community Conference Call Time: 8:00 a.m. ET The conference call will be available in a listen-only mode: via telephone at 1-800-898-3989 or 416-406-0743 ( Toronto area), Passcode: 2522858# via the Internet at https://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results Presentation material referenced during the conference call will be available at https://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results . Conference Call Rebroadcast A rebroadcast of the investor community presentations will be available until 11:59 p.m. ET , September 30 th , 2022 by calling 1 (800) 408-3053 or (905) 694-9451 and entering passcode 2979715# The webcast will be available at https://www.
Bank of Montreal is currently trading at a valuation below 9.6x. Read my updated thesis on Bank of Montreal and why I consider BMO a Buy.
Bank of Montreal''s (BMO) asset management arm on Monday has hired 13 of CI Financial''s (CIXX) staff in a bid to expand its investment and portfolio management capabilities in…
Bank Of Montreal with ticker code (BMO) have now 5 analysts in total covering the stock. The consensus rating is ''Buy''. The target price ranges between 122.59 and 116.05 calculating the average target price we see 119.85. With the stocks previous close at 97.41 this is indicating there is a potential upside of 23.0%. The 50 day MA is 100.35 and the 200 day MA is 109. The company has a market cap of $65,609m. You can visit the company''s website by visiting: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $80,723m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
Bank of Montreal (BMO) entered into a definitive agreement to acquire Radicle, Calgary-based leader in sustainability advisory services and solutions, and technology-driven…
Bank Of Montreal with ticker code (BMO) have now 5 analysts in total covering the stock. The consensus rating is ''Buy''. The target price ranges between 121.52 and 115.61 with the average target price sitting at 119.03. With the stocks previous close at 91.1 this would imply there is a potential upside of 30.7%. There is a 50 day moving average of 101.17 and the 200 moving average now moves to 109.12. The company has a market cap of $62,087m. Company Website: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $81,122m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
Bank of Montreal (BMO), a major Canadian bank, now sports an attractive price-to-book ratio with an interesting technical setup.
Related Stocks: BMO , TD , WFG , CVE , NTR ,
Bank of Montreal is raising the minimum wage for its US branch and contact-center employees to $20 an hour, its second such pay bump in less than a year, as companies fight for workers in a tight labor market.
Bank Of Montreal found using ticker (BMO) now have 5 analysts covering the stock with the consensus suggesting a rating of ''Buy''. The target price ranges between 121.49 and 115.58 and has a mean target at 119. Given that the stocks previous close was at 97.33 this now indicates there is a potential upside of 22.3%. The 50 day MA is 102.46 and the 200 moving average now moves to 109.3. The market cap for the company is $65,465m. You can visit the company''s website by visiting: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $80,040m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
Dividend Aristocrats like Bank of Montreal (TSX:BMO)(NYSE:BMO) are so cheap that they could be poised to rise in the face of a recession. The post New Investors: A Dividend Aristocrat That Could Rise in a Recession appeared first on The Motley Fool Canada .
A general view of the Rogers Building, Rogers Communications headquarters in Toronto, Ontario, Canada, October 22, 2021. REUTERS/Carlos Osorio Register now to get free unlimited access to Reuters.com Register Rogers dominates the Canadian telecom sector Banking services are disrupted, transportation is disrupted The outage renews criticism of competition in the telecommunications sector TORONTO/OTTAWA (Reuters) – A major network outage at one of Canada’s largest telecom operators shut down banks, transport and government income for millions on Friday, angering customers and adding to criticism over Rogers Communications. (RCIb.TO) Industry dominance. Almost every aspect of life is disrupted. Canadians who usually work from home crowd cafes and public libraries that still provide internet access and hover outside hotels to pick up a signal. The Canada Border Services Agency said its mobile app for incoming travelers has been affected. Cashless payment systems for retailers declined, while banks reported problems with ATM services.
June started calmly and ended in a panic. US inflation surged to 8.6%, well above the 8.3% forecast, and stocks plunged. The month ended with the S&P 500 index having its worst first half since 1970. FX markets were volatile, with traders reacting to inflation data, central bank monetary policy, equity market price swings and fluctuations in the US 10-year Treasury yield. When June ended, only the Swiss franc was above water (compared to the US dollar) and it had an edge from a surprise Swiss National Bank (SNB) rate hike. A rate hike didn’t help the New Zealand dollar, which ended the month as the worst G-10 currency, and that is despite expectations for a similar increase on July 5. The US dollar index closed the month with a 2.65% gain. The Russia and Ukraine war continues to stoke Eurozone recession risks so much so that some analysts are suggesting the ECB may be unable to raise interest rates aggressively to fight inflation. The USD and Federal Reserve In the game of chicken between the Fed and financial markets, the Fed blinked.
Entourage Health Corp. (OTCQX: ETRGF ) (TSX-V:ENTG) (FSE:4WE), has amended its existing senior secured credit facility entered into on March 29, 2019 between the company and Bank of Montreal , and its existing second secured credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (“ LPF ”), entered into on September 30, 2020. The latest amendments to the senior credit facility and second credit facility modify the respective terms under which Entourage secured debt financing. Under the terms of the credit facilities amendments, Entourage secured an extension of the maturity date of the senior credit facility from June 30, 2022 to June 30, 2024, and of the second credit facility from August 15, 2022 to December 31, 2024, subject to certain conditions, the terms for which are described herein. “Today’s announcement reflects an important strategic advancement in securing improvements to our debt position and long-term capital structure as we align our liquidity resources with ongoing growth plans – all with the crucial support from our lenders,” stated George Scorsis , CEO and executive chairman, Entourage. “As part of our corporate transformation, we are continuing to finesse our business operations to produce premium products for added market share growth, whilst assuring that our financial footing is stabilized.
Not for distribution to U.S. newswire services or for dissemination in the United States. TORONTO, June 30, 2022 (GLOBE NEWSWIRE) -- (TSX: SBC , SBC.PR.A)) Brompton Split Banc Corp. (the "Company") is pleased to announce it has established an at-the-market equity program ("ATM Program") that allows the Company to issue class A and preferred shares (the "Class A Shares" and "Preferred Shares", respectively) to the public from time to time, at the Company''s discretion. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the "TSX") or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated June 29, 2022 (the "Equity Distribution Agreement") with RBC Capital Markets (the "Agent").
Following in the footsteps of many other banks, BMO Harris Bank, the Chicago-based division of Bank of Montreal (BMO), said Thursday it is reducing its banking fees by…
Bank Of Montreal with ticker code (BMO) have now 5 analysts covering the stock. The analyst consensus points to a rating of ''Buy''. The target price ranges between 121.87 and 114.64 with the average target price sitting at 118.85. Given that the stocks previous close was at 93.85 this is indicating there is a potential upside of 26.6%. The 50 day MA is 105.49 while the 200 day moving average is 109.47. The market cap for the company is $64,148m. Find out more information at: https://www.bmo.com [stock_market_widget type="chart" template="basic" color="green" assets="BMO" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $81,236m based on the market concensus. Bank of Montreal provides diversified financial services primarily in North America. The company''s personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
Bank of Montreal (TSX:BMO)(NYSE:BMO) is a wonderful Canadian bank stock that new investors should consider over fallen high-multiple growth stocks. The post Dirt-Cheap TSX Stocks for New TFSA Investors Seeking Real Earnings Growth appeared first on The Motley Fool Canada .
Investors often seek out income stocks to hold forever, counting on the income to make up for a rocky market. The stock market’s steep drop incited panic, pressuring wary investors to sell the good companies along with the bad. Patient investors should take advantage of the market’s panic selling by scooping up income stocks at a discount. These companies’ ability to grow or sustain their market share in tough times is especially compelling. Perceptive investors should look beyond the basic financial valuation metrics. Price-to-earnings and price-to-sales are ratios that readers may easily obtain for free. Sites like Yahoo Finance offer that data easily. 7 Long-Term Stocks to Buy in a Bear Market All seven stocks are in the bargain bin after falling by up to 10% recently. Best Buy and Masco fell the most in 2022. They both trade with a margin of safety of at least 10%. BMO Bank of Montreal $96.20 BBY Best Buy $70.51 MAS Masco $47.62 RY Royal Bank of Canada $95.59 PRU Prudential Financial $91.44 VZ Verizon Communications $49.03 VICI VICI Properties $28.81 Bank of Montreal (BMO) Source: Shutterstock Bank of Montreal (NYSE: BMO ) posted impressive second-quarter results on May 24.
If history is any guide, there may be trouble ahead for shares of Bank of Montreal (NYSE: BMO ). A so-called "death cross" has formed on its chart and, not surprisingly, this could be bearish for the stock. What To Know: Many traders use moving average crossover systems to make their decisions. When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses … Full story available on Benzinga.com
Metalla Royalty & Streaming (TSE: MTA) acquires and manages precious metal royalties, streams, and similar production-based interests. The company recently announced that it will raise up to US$50 million using an at-the-market equity program. Essentially, the company will sell shares a little bit at a time on the open market during market hours at its discretion. It will do this through BMO Nesbitt Burns (TSE: BMO), which is the lead agent, along with PI Financial and Scotia Capital (TSE: BNS). The company plans to use the proceeds to fund the future purchase of streams and royalties and for general working capital purposes.
Analysts at Desjardins issued their Q3 2022 earnings per share estimates for Bank of Montreal in a research note issued to investors on Wednesday, May 25th. Desjardins analyst D. Young anticipates … Read Full Story at source (may require registration) The post Equities Analysts Issue Forecasts for Bank of Montreal’s Q3 2022 Earnings (TSE:BMO) appeared first on ForexTV .
Aurora Cannabis (TSE: ACB) (ACB) produces, distributes, and sells cannabis products. It also produces and sells indoor cultivation systems and hemp-related food products. The company announced that it will raise US$125 million through a bought deal financing led by Canaccord Genuity (TSE: CF) and BMO (TSE: BMO) Capital Markets. The deal is for 51.1 million units, with each unit made up of one common share and one warrant with the right to buy one common share at a strike price of US$3.20 per share. The units were purchased by the underwriters for a price of US$2.45.
Royal Bank of Canada (RY) has posted better-than-expected earnings and announced that it is raising its quarterly dividend by 7%. RBC’s dividend increase follows similar moves by Canada’s other major lenders. Bank of Montreal (BMO), Scotiabank (BNS) and CIBC (CM) each announced dividend hikes that ranged from 3% to 4.5% earlier this week. Royal Bank’s 7% dividend increase is by far the largest among this country’s big six lenders. In announcing its latest financial results, RBC said that its total net income rose 6% year-over-year to $4.25 billion in its fiscal second quarter that ended on April 30. On an adjusted basis, the bank earned $2.99 a share, which beat the $2.69 in per-share profit expected by analysts. RBC''s profit in the latest quarter got a big lift from the release of funds that were previously set aside for loans that could go bad. The bank said it freed up $342 million that had been reserved for loan loss provisions. In a news release, RBC said the improvement in credit quality was “mainly driven by reduced uncertainty relating to the COVID-19 pandemic which was partially tempered by increased downside risks, including rising inflation and interest rates.” The bank''s personal and commercial division''s profit surged 17% year-over-year to $2.23 billion in the latest quarter.
Bank of Montreal is about to get a lot bigger. Should you buy the stock? The post Bank of Montreal (TSX:BMO) Raises Dividend: Is the Stock a Buy? appeared first on The Motley Fool Canada .
Markets in Toronto opened higher on Wednesday, aided by energy and health-care shares, while investors remained cautious ahead of minutes from the U.S. Federal Reserve''s May meeting. The S&P/TSX gained 83.7 points to kick off the mid-week session at 20,369.90 The Canadian dollar moved backward 0.13 cents to 77.85 cents U.S. Bank of Nova Scotia beat analysts'' estimates for quarterly profit on Wednesday, helped by continued declines in loan-loss provisions and higher revenues from its Canadian banking and international business. Scotiabank shares galloped $2.56, or 3.2%, to $83.93. Bank of Montreal beat analysts'' estimates for quarterly profit on Wednesday, on higher interest income and lower credit-loss provisions offsetting rising expenses and lower wealth management and capital markets earnings. Shares in “The First Canadian Bank” moved gingerly forward, five cents, to $133.10. JP Morgan raised the target price on Enbridge to $62.00 from $61.00. Enbridge shares acquired 27 cents to $57.83.
Related Stocks: NOAH , BMO , SHOP , GOLD , CM ,
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