Bank Of Montreal Stock Price, News & Analysis

Bank of Montreal (TSX: BMO) has successfully completed a public offering of common shares priced at CAD$149.00 each, totaling CAD$3.1 billion in gross proceeds. The offering included a full exercise of the underwriters' over-allotment option, culminating in the issuance of 20,843,750 shares. These shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange. Notably, the shares sold have not been registered under the U.S. Securities Act, limiting their offer in the United States.

BMO Harris Bank has launched the Welcome Home Grant program in Chicago, offering eligible borrowers up to $20,000 for down payment and closing costs. This initiative aims to assist homebuyers in Majority Minority Census Tracts, where they can receive $3,500 and combine it with other programs for additional support. With home prices rising over 12% year-over-year, Mayor Lightfoot emphasizes the program's role in enhancing homeownership accessibility in underserved communities. Funds are available for applications submitted between March 14 and July 14, 2022.

BMO Financial Group acted as a joint-lead manager for Canada’s inaugural Green Bond, raising C$5 billion—the largest Green Bond in the Canadian market. Proceeds will fund initiatives aimed at reducing greenhouse gas emissions, enhancing climate resilience, and conserving nature. The transaction garnered C$11 billion in demand from nearly 100 investors, with 45% of the bonds distributed internationally. This initiative aligns with Canada’s goal of achieving net-zero emissions by 2050 and further develops sustainable finance in Canada.

On March 22, 2022, Bank of Montreal (BMO) announced a public offering of 18,125,000 common shares priced at CAD$149.00 each, totaling CAD$2.70 billion in gross proceeds. The offering is underwritten on a bought-deal basis, with an option to purchase an additional 2,718,750 shares. Proceeds will finance a portion of the acquisition of Bank of the West. The anticipated closing date for this offering is March 29, 2022, subject to standard conditions. Shares will be offered across Canada and on a private basis in the U.S.

BMO Financial Group and 1871 have announced the opening of applications for the WMNfintech program, aimed at supporting women-led startups in the fintech sector. Applications are accepted until April 22, 2022. The program, co-created to bridge the gender gap, provides resources, mentorship, and networking opportunities to help women entrepreneurs grow their businesses in the U.S. financial sector. Selected participants will receive a three-month program, access to 1871's resources, and the chance to pitch their ideas to investors.

BMO Harris Bank has revamped its Cash Back Mastercard, offering enhanced rewards for cardholders. Customers can now earn 5% cash back on streaming and cable services, 3% cash back on everyday essentials (up 50%), and 1% cash back on all other purchases. The card features cell phone protection and requires no annual fee. Additionally, cardholders can redeem cash rewards directly into a BMO deposit account, providing greater flexibility. This update aims to improve financial benefits for users while promoting BMO's commitment to helping customers achieve financial success.

Bank of Montreal (TSX: BMO) announced a quarterly dividend of $1.33 per share for Q2 2022, maintaining the same rate as the previous quarter. Additionally, various dividends for preferred shares were declared, with amounts ranging from $0.190875 to $0.31875 per share. The common share dividend is payable on May 26, 2022, for shareholders on record as of May 2, 2022. Shareholders can reinvest their dividends in common shares at a 2% discount under the Bank's Plan. These dividends are designated as "eligible" for tax purposes in Canada.

BMO Financial Group reported a net income of $2,933 million for Q1 2022, up 45% year-over-year, translating to $4.43 per share. Adjusted net income was $2,584 million, marking a 27% increase. A recovery of credit losses amounted to $99 million, compared to a previous provision of $156 million. Return on equity also rose to 21.4%. BMO announced a quarterly dividend of $1.33, a 25% increase from last year. CEO Darryl White emphasized ongoing investments and strong revenue growth driven by robust performance in Canadian and U.S. business sectors.