BANK OF MONTREAL /CAN/ (BMO) Company Report

Analyst Coverage

Research analysts who have asked questions during BANK OF MONTREAL /CAN/ earnings calls.

Gabriel Dechaine

National Bank Financial

7 questions for BMO

Also covers: , BNS, CM +6 more

Mario Mendonca

TD Securities

7 questions for BMO

Also covers: BNS, CM, GRWTF +5 more

Ebrahim Poonawala

Bank of America Securities

6 questions for BMO

Also covers: , BK, BNS +30 more

Doug Young

Desjardins Capital Markets

5 questions for BMO

Also covers: , BNS, CM +7 more

John Aiken

Jefferies Securities

5 questions for BMO

Also covers: BNS, CM, MFC +3 more

Paul Holden

CIBC World Markets

5 questions for BMO

Also covers: BNS, GRWTF, GWLIF +5 more

Lemar Persaud

Cormark Securities

4 questions for BMO

Also covers: BNS, CM, MFC +3 more

Darko Mihelic

RBC Capital Markets

3 questions for BMO

Also covers: , BNS, CM +4 more

Meny Grauman

Scotiabank

3 questions for BMO

Also covers: , CM, GWLIF +4 more

Matthew James Lee

Canaccord Genuity Group

2 questions for BMO

Also covers: BNS, RY, TD

Darko Mihalik

RBC

1 question for BMO

Ebrahim Poonawalla

Bank of America

1 question for BMO

Also covers: BNS

Matthew Lee

Canaccord Genuity

1 question for BMO

Also covers: BNS, CAE, CM

Mehmed Rizvanovic

KBW Research

1 question for BMO

Also covers: TD, VBNK

Mike Rizvanovic

Scotiabank

1 question for BMO

Also covers: CM, RY, VBNK

Shalabh Garg

Veritas Investment Research Corporation

1 question for BMO

Also covers: CM, TD

Latest news

Recent press releases and 8-K filings for BMO.

BMO Issues US$1.1 Billion in Senior Notes

BMO

Debt Issuance

BANK OF MONTREAL filed a Form 6-K on January 14, 2026, for the month of January 2026.
The filing details the issuance and sale of US$1,100,000,000 aggregate principal amount of the Bank's 4.439% Fixed/Floating Rate Senior Notes due 2032.
These notes constitute part of the Senior Medium-Term Notes, Series J of the Bank.

1 day ago

6-K

BMO Outlines Path to 15% ROE by End of 2027

BMO

Guidance Update

Share Buyback

New Projects/Investments

BMO is targeting a 15% Return on Equity (ROE) by the end of 2027, with a commitment to sustain this level in 2028 and beyond. This follows a 150 basis point increase in ROE and 26% EPS growth in 2025.
The U.S. banking segment is expected to achieve a 12% ROE by the end of 2027, supported by a structural reorganization in July 2025 and projected mid-single digit loan growth after Q2 2026.
The company anticipates a restructuring expense of approximately $200 million in Q1 2026, which is expected to generate an annual run rate benefit of $250 million, with half realized in 2026 and the full amount in 2027.
BMO forecasts mid-single digit revenue growth for 2026 and is not actively pursuing M&A, prioritizing organic growth and capital deployment, including the buyback of 22 million shares in 2025.

Jan 6, 2026, 3:10 PM

Transcript

BMO Updates ROE Target and 2026 Outlook

BMO

Guidance Update

Share Buyback

Layoffs

BMO aims to achieve a 15% Return on Equity (ROE) by the end of 2027, with a commitment to sustain this level in 2028 and beyond.
In 2025, BMO increased its ROE by 150 basis points year over year, delivered 26% EPS growth, 4.3% operating leverage, and 18% growth in PPPT.
The company expects a restructuring expense of approximately CAD 200 million in Q1 2026, which is projected to yield an annual run rate benefit of about CAD 250 million, with half realized in 2026 and the full amount in 2027.
BMO anticipates mid-single digit revenue growth for 2026 and continues its share buyback program, having repurchased 22 million shares (approximately 3% of market cap) in 2025.
The U.S. banking segment is targeted to reach a 12% ROE by the end of 2027, supported by an optimized structure and expected mid-single digit loan growth starting mid-Q2 2026.

Jan 6, 2026, 3:10 PM

Transcript

BMO Targets 15% ROE by End of 2027, Reports Strong 2025 Performance

BMO

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

BMO targets achieving a 15% Return on Equity (ROE) by the end of 2027, with the intention to sustain this level in 2028 and beyond.
In 2025, the company increased its ROE by 150 basis points and achieved 26% EPS growth, both noted as the fastest among its peers.
The U.S. banking segment aims for a 12% ROE by the end of 2027, supported by a July 2025 reorganization and 80% completion of lending book optimization expected by Q2 2026.
BMO anticipates mid-single digit loan growth in the U.S. after Q2 2026 and low single digit loan growth in Canada for 2026. A restructuring expense of approximately CAD 200 million is expected in Q1 2026, yielding an annual run rate benefit of CAD 250 million.
The company generated 90 basis points of capital in 2025 and bought back 22 million shares (approximately 3% of market cap). BMO is not actively pursuing M&A, focusing instead on organic growth and densification, with M&A only considered for specific tuck-in acquisitions that accelerate strategy without delaying the ROE rebuild timeline.

Jan 6, 2026, 3:10 PM

Transcript

Asante Gold Increases Private Placement to C$156 Million

BMO

Debt Issuance

New Projects/Investments

Asante Gold Corporation has increased its brokered private placement to C$156,000,000 for 97,500,000 common shares at C$1.60 per share, with BMO Capital Markets as the lead underwriter.
The company also announced a non-brokered private placement with its Executive Chairman, Malik Easah, for C$13,800,000.
The net proceeds from these offerings, combined with an additional US$30 million from an accordion feature in its senior debt facility, are intended for development and growth expenditures at the Bibiani and Chirano mines, and for general working capital purposes.
The brokered offering is anticipated to close on or about January 6, 2026, while the non-brokered offering is expected to close around January 30, 2026.

Dec 16, 2025, 4:13 PM

Press Release

Bank of Montreal Issues US$750 Million Senior Notes

BMO

Debt Issuance

Bank of Montreal reported the issue and sale of US$750,000,000 aggregate principal amount of 4.100% Fixed/Floating Rate Senior Notes due 2027.
This information was filed in a Form 6-K on December 15, 2025.
Legal opinions from Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP confirm the validity and legally binding nature of these Notes.

Dec 15, 2025, 9:17 PM

6-K

Brompton Split Banc Corp. Completes Preferred Share Offering

BMO

Convertible Preferred Issuance

Brompton Split Banc Corp. completed a treasury offering of preferred shares on December 10, 2025, generating approximately $38.2 million in gross proceeds.
The Preferred Shares were offered at a price of $10.40 per share, providing a yield of 6.0%, and are traded on the Toronto Stock Exchange under the symbol SBC.PR.A.
The Fund's investment strategy focuses on an approximately equally weighted portfolio of common shares of the six largest Canadian banks, with the flexibility to allocate up to 10% of total assets to global financial companies.
As of November 30, 2025, the Preferred Shares (TSX: SBC.PR.A) have shown compound annual returns of 6.4% over the past year and 5.9% over the past five years.

Dec 10, 2025, 1:51 PM

Press Release

Rio2 Upsizes Bought Deal Financing to C$166 Million

BMO

New Projects/Investments

Rio2 Limited has upsized its previously announced "bought deal" financing from C$140 million to approximately C$166 million, or approximately US$120 million, due to strong investor demand.
The financing involves the purchase of 74,865,000 Subscription Receipts at an Issue Price of $2.22 per Subscription Receipt.
The Company has granted the underwriters an over-allotment option to purchase up to an additional 15% of the Subscription Receipts sold.
The Equity Financing is expected to close on or about December 15, 2025.

Dec 9, 2025, 2:08 AM

Press Release

Bank of Montreal Reports Improved Earnings Coverage Ratios for Fiscal Year 2025

BMO

Earnings

Dividends

Debt Issuance

Bank of Montreal reported an interest coverage ratio on subordinated indebtedness of 26.32 times for the 12 months ended October 31, 2025, an increase from 21.88 times in the prior year.
The grossed up dividend coverage on Class B Preferred Shares and other equity instruments improved to 23.63 times for the 12 months ended October 31, 2025, up from 21.48 times for the same period in 2024.
The combined interest and grossed up dividend coverage for subordinated indebtedness and equity instruments was 12.70 times for the 12 months ended October 31, 2025, compared to 11.09 times for the 12 months ended October 31, 2024.

Dec 4, 2025, 8:29 PM

6-K

BMO Financial Group Announces Common Share Dividend Increase

BMO

Dividends

Bank of Montreal's Board of Directors declared a quarterly dividend of $1.67 per share on paid-up common shares for the first quarter of fiscal year 2026.
This dividend represents a 4 cent, or 2 percent, increase from the prior quarter, and is up 5 percent from the prior year.
The common share dividend is payable on February 26, 2026, to shareholders of record on January 30, 2026.