Key Stats: Bank of Montreal (BMO)
- Current price: CA$226 (May 27, 2026)
- Q2 2026 adjusted EPS: CA$3.67, up 40% YoY
- Q2 2026 net income: CA$2.7B (record), driven by Capital Markets, Wealth Management, and fee revenue
- Q2 2026 revenue: up 10% YoY (12% constant currency)
- Q2 2026 PPPT: CA$4.4B, up 16%
- Q2 2026 PCL: CA$739M, stable QoQ
- CET1 ratio: 13.0%
- Dividend: CA$1.71/quarter, up 5%
- TIKR model price target: CA$228
- Implied upside: ~1.2% total return over 4 and a half years
BMO Delivers Record Net Income on 40% EPS Growth While the TIKR Model Prices In Almost Nothing
Bank of Montreal (BMO) reported adjusted EPS of CA$3.67 for Q2 2026, up 40% from a year ago, as Bank of Montreal stock climbed on record net income of CA$2.7B driven by broad fee momentum across Capital Markets, Wealth Management, and Treasury and Payment Solutions.
Pre-provision pretax earnings reached CA$4.4B, up 16% YoY, with operating leverage of 4.1%.
Capital Markets delivered record PPPT of CA$900M, up 31%, powered by equities trading and a surge in advisory and equity underwriting fees.
Wealth Management posted net income up 39%, with AUM up 30% and record revenue up 21% on market appreciation and strong net sales.
U.S. Banking reported net income up 30% and ROE of 9.3%, up 220 basis points YoY, with record PPPT of CA$924M, up 9%.
Canadian P&C delivered net income up 15%, with core operating deposits up 7% in retail and 8% in commercial YoY, record mutual fund sales up 49%, and TPS fees up 12%.
Non-interest revenue grew 20% YoY, with NIM ex-markets at 229 basis points, up 12 basis points YoY on deposit margin expansion and higher ladder reinvestment rates.
Total PCL came in at CA$739M, stable QoQ at 45 basis points, with performing allowance of CA$4.7B and gross impaired loans of CA$6.9B, stable quarter-over-quarter.
Darryl White, CEO, stated on the Q2 2026 earnings call that “building on peer-leading performance in 2025, where we had #1 ROE and #1 EPS growth, we continued that momentum in Q1 and again this quarter, with Q2 ROE up 370 basis points from a year ago to 13.5% and EPS up 40%.”
BMO announced a 5% dividend increase to CA$1.71 per quarter and repurchased 6 million shares, with the pending sale of its transportation and vendor finance businesses expected to add approximately 28 basis points to the CET1 ratio when it closes in Q4.
TIKR’s CA$228 Target on BMO Stock Offers Almost No Return Unless the Mid Case Plays Out
According to TIKR, the mid-case valuation model prices Bank of Montreal stock at CA$228, against a current price of CA$226, implying a total return of approximately 1.2% over the next 4.4 years, or 0.3% annualized.
If U.S. loan growth disappoints and fee momentum fades before BMO reaches its 15% ROE target, TIKR prices the stock at CA$227, a 0.8% total return and a 0.1% IRR.
The base path requires Capital Markets and Wealth Management to sustain their Q2 momentum and the CA$250M efficiency program to land on schedule. TIKR prices that outcome at CA$273, a 21% total return and a 2.3% IRR.
If the California branch expansion builds into a real deposit engine and ROTCE holds at 17.6% or better, TIKR prices Bank of Montreal stock at CA$314, a 39.3% total return and a 4.0% IRR. At 4.0% annualized, even the high case is modest equity compensation for a Canadian bank.
Should You Invest in Bank of Montreal?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up Bank of Montreal stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track Bank of Montreal alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
Access Professional Tools to Analyze BMO stock on TIKR for Free →
