Bank of Montreal - BMO STOCK NEWS

BMO announced that 90% of its employees have donated $31 million to United Way and other community organizations across North America during its 14th annual Employee Giving campaign, exceeding the $27 million goal. Additionally, BMO pledged $18 million in corporate donations to United Way chapters in Toronto, Chicago, Milwaukee, Los Angeles, and Montreal, bringing the total to $49 million.

The campaign, launched on Giving Tuesday (December 3, 2024), included 21 community kit packing events across 17 locations, where over 1,200 BMO employee volunteers assembled nearly 11,000 care kits. Over the past five years, BMO employees have personally contributed more than $130 million to North American charities through the annual campaign. In 2023, BMO's social impact included over $84 million in donations, with employees contributing 62,000 volunteer hours.

BMO (NYSE: BMO) and Canal Road Group (CRG) announced a strategic partnership where BMO will enable CRG to invest up to $1 billion in capital for direct lending operations. The partnership combines BMO's banking relationships and capital markets expertise with CRG's investment management capabilities in senior secured corporate debt investments.

As part of the arrangement, BMO will acquire a non-voting minority stake in CRG's management company. The collaboration aims to expand access to private lending capital for sponsor and corporate clients, leveraging BMO's extensive banking network and CRG's growing capital base. BMO will provide credit facilities to support CRG's strategy long-term, while benefiting from access to CRG's network of borrowers, lenders, sponsors, and management teams.

Bank of Montreal (BMO) has announced entering into an automatic securities purchase plan (ASPP) with BMO Nesbitt Burns Inc. to facilitate the repurchase of up to 20 million common shares under a normal course issuer bid. The implementation of purchases is pending approval from both the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX).

The timing, quantity, and price of share purchases will be determined by management based on factors including market conditions and capital adequacy. Share purchases will be made at market price, and BMO will consult with OSFI before making purchases. The buyback program is expected to run for up to one year after receiving TSX acceptance.

Bank of Montreal (BMO) has announced plans to repurchase and cancel up to 20 million common shares through a normal course issuer bid, pending regulatory approvals. The proposed repurchase represents approximately 2.7% of BMO's public float as of November 30, 2024.

The share buyback will be conducted through the Toronto Stock Exchange (TSX) and other designated exchanges, with various purchase methods including automatic purchase plans and block purchases. The program will run for up to one year after TSX acceptance. As of November 30, 2024, BMO had 729,664,893 common shares outstanding, with a public float of 729,409,604 shares.

BMO Financial Group has announced a dividend increase for Q1 2025. The quarterly dividend on common shares will be $1.59 per share, representing a 4-cent (3%) increase from the previous quarter and a 5% increase year-over-year. The bank also declared dividends of $0.190875 per share on Class B Preferred Shares Series 33 and $0.426 per share on Class B Preferred Shares Series 44.

Common share dividends will be payable on February 26, 2025, to shareholders of record on January 30, 2025. Preferred share dividends will be paid on February 25, 2025. Shareholders can participate in the Dividend Reinvestment and Share Purchase Plan, with enrollment forms due by February 3, 2025.

BMO Financial Group reported Q4 2024 net income of $2,304 million ($2.94 per share), compared to $1,710 million in Q4 2023. Adjusted net income was $1,542 million ($1.90 per share), down from $2,243 million year-over-year. The bank's Common Equity Tier 1 (CET1) Ratio strengthened to 13.6% from 12.5%.

Key highlights include a provision for credit losses of $1,523 million, customer deposit growth of $61 billion (9% increase), and a quarterly dividend increase to $1.59 per share (5% year-over-year). BMO announced plans for a normal course issuer bid for up to 20 million common shares, subject to regulatory approval.

For fiscal 2024, BMO achieved net income of $7,327 million ($9.51 per share), compared to $4,437 million in 2023, while delivering positive operating leverage across all operating groups.

BMO has launched its annual Wrap the Good campaign for the 2024 holiday season, featuring gift ideas from businesses owned by traditionally underrepresented communities. The campaign introduces a new augmented reality experience called Unwrap the Good, allowing shoppers to scan and reveal promotional codes through their phones at BMOWrapTheGood.com. Featured businesses include Sḵwálwen Botanicals and Niffy Signature from Canada, and Sol Sister Sport and Not Just Cookies Wholesale Bakery from the United States. The initiative includes complimentary holiday wrapping paper with QR codes in select BMO branches across North America.

Bank of Montreal (BMO) has announced the appointment of two new members to its Board of Directors: Diane Cooper and Brian McManus. Cooper, formerly President and CEO of GE Capital's Commercial Distribution business, brings extensive financial services experience and currently serves on several boards including BMO Financial Corp. McManus, currently Executive Chair of Polycor Inc., brings leadership experience from roles including Executive Chair and CEO of Uni-Select and CEO of Stella-Jones. Both directors bring significant industry expertise and leadership experience to BMO's board.

BMO has announced support for customers and communities impacted by Hurricane Milton. The bank is offering disaster relief options and financial assistance to affected customers. BMO supports the American Red Cross with an annual corporate donation for ongoing relief and resiliency work, including response to communities affected by the hurricane.

Financial relief for BMO personal banking customers includes waiving monthly maintenance fees, non-BMO ATM transaction fees, and overdraft fees. The bank is also extending payment due dates for mortgages, loans, and lines of credit, as well as offering reduced credit card payment amounts. Additionally, BMO is providing low-interest rate loans to qualified consumers in impacted areas within the BMO footprint.

Darrel Hackett, President & CEO of BMO Bank, expressed the bank's commitment to supporting customers, colleagues, and communities in recovering from the devastating storm. BMO encourages those wishing to support relief efforts to do so through organizations such as Direct Relief, United Way Suncoast, and the American Red Cross.