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Should You Buy BMO Stock Ahead of Earnings?

Bank of Montreal (TSX:BMO)(NYSE:BMO) is one of the Big Six Canadian bank stocks. Indeed, it is the third largest Canadian bank by market cap behind behemoths like Royal Bank and TD Bank. Shares of this top bank stock have dropped 6.6% in 2022 as of close on November 16. That has pushed the stock into negative territory in the year-over-year period.

Investors can expect to see BMO’s fourth quarter and full year fiscal 2022 earnings before markets open on Thursday, December 1. It released its third quarter fiscal 2022 results on August 30.

In Q3 2022, BMO reported adjusted net income of $2.13 billion – down from $2.29 billion in the third quarter of fiscal 2021. Meanwhile, adjusted earnings per share fell to $3.09 compared to $3.44 in the prior year. The choppy economic and market environment spurred BMO to increase provisions set aside for credit losses to $136 million. As expected, this was a drag on earnings.

BMO reported adjusted net income of $6.90 billion in the first nine months of fiscal 2022 – up from $6.42 billion in the year-to-date period in the previous year. Moreover, adjusted EPS rose to $10.20 compared to $9.63 in the first nine months of fiscal 2021.

Shares of this top bank stock currently possess a very attractive price-to-earnings ratio of 7.8. BMO offers a quarterly dividend of $1.39 per share. That represents a solid 4.2% yield. I’m looking to snatch up BMO for the great value it boasts ahead of its final earnings report.