Bank Of Montreal Stock Price, News & Analysis

On February 28, 2023, Bank of Montreal (TSX: BMO) declared a quarterly dividend of $1.43 per share for the second quarter of fiscal year 2023, maintaining the same rate as the previous quarter. Additional dividends for preferred shares were also announced, with payments scheduled for May 25 and May 26, 2023. These dividends are classified as 'eligible' under the Income Tax Act of Canada. Shareholders may choose to reinvest dividends in common shares at a 2% discount through the Bank’s Dividend Reinvestment Plan. The record date for all dividends is April 28, 2023.

BMO Financial Group reported a net income of $247 million for the first quarter of 2023, significantly down from $2,933 million year-over-year. Adjusted net income was $2,272 million, down from $2,584 million. Earnings per share (EPS) on a reported basis were $0.30, compared to $4.43 last year; adjusted EPS was $3.22, compared to $3.89. The provision for credit losses amounted to $217 million, contrasting with a recovery of $99 million a year prior. The acquisition of Bank of the West on February 1, 2023, marked a significant growth step, enhancing BMO's North American presence. A quarterly dividend of $1.43 was declared, unchanged from the previous quarter but up 8% from last year.

BMO Capital Markets will host its 32nd Global Metals, Mining & Critical Minerals Conference from February 26 to March 1, 2023, in Hollywood, Florida. The conference will feature nearly 1,500 industry leaders from over 600 organizations, focusing on critical minerals, ESG, and the global economic outlook. Key industry topics include the impact of global events on supply and demand. Dan Barclay, CEO of BMO Capital Markets, emphasizes the event as a vital platform for discussion among producers, developers, and investors. The conference will also showcase presentations from over 175 companies, reinforcing BMO's commitment to the metals and mining sector.

BMO Financial Group and BNP Paribas have announced a long-term commercial agreement to enhance global banking services for their commercial banking clients. This agreement, effective from February 21, 2023, aims to provide continuity of service and expand leasing offerings across international markets. Following BNP Paribas's sale of Bank of the West to BMO on February 1, 2023, the partnership focuses on improving cross-border cooperation and service delivery. Both banks will leverage their extensive networks in North America and Europe, enhancing their clients' access to a broader range of financial solutions.

BMO Financial Group announced the appointment of Nadim Hirji as Group Head of BMO Commercial Banking, effective March 1, 2023. Reporting to CEO Darryl White, Hirji will join the bank's Executive Committee. Since joining BMO in 2003, he has held various roles across Commercial Banking and Enterprise Risk and Portfolio Management. Additionally, David Casper remains U.S. CEO and Executive Committee member. BMO is the 8th largest bank by assets in North America, with total assets of $1.14 trillion as of October 31, 2022, serving 12 million customers.

On February 14, 2023, REX Shares announced the launch of two new MicroSectors Exchange Traded Notes (ETNs) issued by Bank of Montreal (BMO). The ETNs, MicroSectors Energy 3x Leveraged (WTIU) and MicroSectors Energy -3x Inverse Leveraged (WTID), will begin trading on NYSE Arca on February 15, 2023. These ETNs are linked to the Solactive MicroSectors Energy Index, which tracks 12 major U.S. energy stocks including Chevron, Exxon Mobil, and Occidental Petroleum. REX aims to meet growing demand for specialized trading tools in energy and oil sectors.