Why Bank of Montreal Stock Tanked on Tuesday
Investors weren't in a forgiving mood after digesting Bank of Montreal's (NYSE: BMO) latest news on Tuesday. After the north-of-our-border lender divulged its latest set of quarterly results, investors assertively traded out of the stock. When the smoke cleared, Bank of Montreal shares closed the day more than 6% lower; meanwhile, the S 500 index finished in positive territory, with a 0.2% gain.
Bank of Montreal's fiscal third quarter of 2024 saw the company earn just over 8.2 billion Canadian dollars ($6.1 billion) in revenue, which was marginally higher than in the same period of 2023. Going in the opposite direction was non-GAAP (adjusted) net income; this came in at CA$1.98 billion ($1.47 billion), or CA$2.64 ($1.96) per share. The profit in the year-ago quarter was $2.15 billion ($1.59 billion).
That bottom-line result fell short of professional expectations. On average, analysts tracking Bank of Montreal stock were estimating CA$2.77 ($2.05) per share in adjusted-net income.
Source Fool.com
Bank of Montreal Stock
Our community is currently high on Bank of Montreal with 11 Buy predictions and 3 Sell predictions.
However, we have a potential of -9.85% for Bank of Montreal as the target price of 144 € is below the current price of 159.74 €.
