• Dec. 28, 2016, 7:24 PM
    • While the bank shuffles leadership around him, Bank of Montreal (NYSE:BMO) chief Bill Downe says he has no current plans for retirement.
    • “I don’t have a plan with a date on it, I can say that categorically,” he says. “The changes we’ve been making are really a pattern that you can look back over the last six or seven years, where we just keep building the capabilities of a very talented management team. We have a lot of depth.”
    • The company boosted its top investment banker (Darryl White) to the chief operating officer role as of Nov. 1, and then-COO Frank Techar became the bank's vice chairman. Meanwhile, Patrick Cronin replaced White atop BMO Capital Markets, Giles Ouellette took over BMO Asset Management, and Joanna Rotenberg was made head of wealth management.
    Dec. 28, 2016, 7:24 PM
  • Dec. 6, 2016, 6:52 AM
    • Bank of Montreal (NYSE:BMO): FQ4 EPS of C$2.10 beats by C$0.71.
    • Revenue of C$5.28B (+6.0% Y/Y) beats by C$1.4B.
    • Press Release
    Dec. 6, 2016, 6:52 AM | 6 Comments
  • Dec. 6, 2016, 6:52 AM
    • Bank of Montreal (NYSE:BMO) declares C$0.88/share quarterly dividend, 2.3% increase from prior dividend of C$0.86.
    • Forward yield 3.93%
    • Payable Feb. 28; for shareholders of record Feb. 1; ex-div Jan. 30.
    Dec. 6, 2016, 6:52 AM
  • Dec. 5, 2016, 5:30 PM
  • Oct. 11, 2016, 11:39 AM
    • A risk sharing proposal would likely have lenders paying some sort of a deductible when a mortgage goes bad - similar to what car drivers do in a car crash.
    • The banks say mortgage defaults are so rare - 5 times lower than the U.S. by one measure -  that making lenders share the risk is unnecessary and not worth the costs. “If it’s supposed to be something to improve the quality of underwriting," says the Canadian Bankers Association's Darren Hannah, "Well the quality of underwriting is already very strong.”
    • The group - which includes  TD, BMO, CM, RY, and BNS - holds its regular meetings with the country's finance department this week, and plans to let its feelings be known.
    • Also of interest to Genworth (NYSE:GNW), whose Canadian mortgage insurance unit is the country's second-largest.
    Oct. 11, 2016, 11:39 AM | 24 Comments
  • Oct. 5, 2016, 10:05 AM
    • The Canadian lender is cut to Underperform from Neutral at Credit Suisse.
    • Checking the scorecard this year, BMO's performance is roughly inline with three of the other four big Canadian banks. The major outlier is Scotiabank with a 30.7% gain. BMO, CIBC, RBC, and TD Bank are all ahead 12-16%.
    Oct. 5, 2016, 10:05 AM | 9 Comments
  • Oct. 4, 2016, 12:26 PM
    • Capital One Financial upgrades its rating on Liberty Property Trust LPT -0.9% to Overweight from Equal Weight.
    • Credit Suisse Group AG downgrades Bank of Montreal BMO -2.2% to Underperform from Neutral.
    • Janus Capital JNS -4.6% lower after getting downgraded to Hold from Jefferies group.
    • JP Morgan Chase downgrades Reinsurance Group of America RGA -0.4% to Neutral from Overweight.
    • Raymond James Financial downgrades Wells Fargo WFC +0.52% to Underperform from Market perform.
    Oct. 4, 2016, 12:26 PM | 6 Comments
  • Aug. 23, 2016, 7:08 AM
    • Bank of Montreal (NYSE:BMO): FQ3 EPS of C$1.94 beats by C$0.52.
    • Revenue of C$5.63B (+16.6% Y/Y) beats by C$1.67B.
    • Press Release
    Aug. 23, 2016, 7:08 AM | 8 Comments
  • Aug. 23, 2016, 7:04 AM
    • Bank of Montreal (NYSE:BMO) declares C$0.86/share quarterly dividend, in line with previous.
    • Forward yield 4.1%
    • Payable Nov. 28; for shareholders of record Nov. 1; ex-div Oct. 28.
    Aug. 23, 2016, 7:04 AM
  • Aug. 22, 2016, 5:30 PM
    Aug. 22, 2016, 5:30 PM | 2 Comments
  • Jul. 6, 2016, 1:26 PM
    • Moneris U.S. is a division of Canadian payments processing giant Moneris Solutions, owned by Royal Bank of Canada (NYSE:RY) and Bank of Montreal (NYSE:BMO). The price could be somewhere near $600M.
    • Along with Vantiv (NYSE:VNTV), First Data Corp. (NYSE:FDC) has also shown interest, as have private equity shops like Warburg Pincus, Bain Capital, and SIlver Lake.
    • The P-E firms have also expressed interest in buying Moneris Solutions for as much as $6B, though that's not currently on the block.
    • Second round offers are due in about a week, according to the report.
    • A relatively small player in the U.S., Moneris U.S. generates about $45M in EBITDA.
    Jul. 6, 2016, 1:26 PM | 1 Comment
  • Jun. 23, 2016, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    Jun. 23, 2016, 4:51 PM | 64 Comments
  • May 26, 2016, 8:12 AM
    • TD Securities analyst Mario Mendonca downgrades Bank of Montreal (NYSE:BMO) to Hold from Buy, noting the weaker-than-expected Q2 earnings report, and moderating earnings growth in Canadian personal and commercial banking.
    • BMO is also cut to Hold from Buy at Canaccord.
    May 26, 2016, 8:12 AM | 1 Comment
  • May 25, 2016, 12:21 PM
    • Alongside an earnings miss this morning, with adjusted income held back by a big rise in loan-loss provisions, Bank of Montreal (BMO +1.8%) plans to cut about 1,850 jobs from its 46K-strong workforce, according to a memo seen by Reuters.
    • In the memo, CEO Bill Downe takes note of structural changes in the financial services industry, i.e. new digital technologies.
    • Reported FQ2 income was in even lower thanks to a C$132M restructuring charge.
    • As for those boosted loan loss provisions - not a surprise, says National Bank's Peter Routledge, who expects similar actions from across the banking sector.
    • Previously: BMO eases earnings miss with dividend hike (May 25)
    May 25, 2016, 12:21 PM | 1 Comment
  • May 25, 2016, 7:46 AM
    • FQ2 adjusted net income of $1.152B up 7% Y/Y; adjusted EPS of $1.73 up 8%.
    • Dividend is hiked 2% to $0.86 per share.
    • Canadian P&C net income of $525M up 8% Y/Y. Personal loan growth of 4% and deposit growth of 7%. Commercial loan growth of 10%.
    • U.S. P&C adjusted net income of $279M up 27% Y/Y, in part thanks to BMO TF acquisition.
    • BMO Wealth Management adjusted net income of $158M falls from $265M a year ago, thanks to a $79M after-tax write-down of an equity investment. AUM of $817B down 2%.
    • BMO Capital Markets net income of $291M down 2% Y/Y, with trading strong, but investment and corporate banking revenue lower.
    • Credit loss provisions of $201M up $40M Y/Y thanks to energy and resources.
    • Previously: Bank of Montreal misses by C$0.03, beats on revenue (May 25)
    • BMO flat premarket
    May 25, 2016, 7:46 AM
  • May 25, 2016, 6:53 AM
    • Bank of Montreal (NYSE:BMO) declares C$0.86/share quarterly dividend, 2.4% increase from prior dividend of C$0.84.
    • Forward yield 4.15%
    • Payable Aug. 26; for shareholders of record Aug. 1; ex-div July 28.
    May 25, 2016, 6:53 AM