Power Corp of Canada purchased a new stake in Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 26,649 shares of the bank's stock, valued at approximately $4,534,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. JFS Wealth Advisors LLC grew its holdings in shares of Bank of Montreal by 346.4% in the 1st quarter. JFS Wealth Advisors LLC now owns 250 shares of the bank's stock valued at $29,000 after buying an additional 194 shares during the period. Glassman Wealth Services boosted its stake in Bank of Montreal by 56.3% in the 4th quarter. Glassman Wealth Services now owns 286 shares of the bank's stock worth $31,000 after purchasing an additional 103 shares during the period. DeDora Capital Inc. acquired a new position in Bank of Montreal in the 1st quarter worth $32,000. CWM LLC boosted its stake in Bank of Montreal by 163.8% in the 1st quarter. CWM LLC now owns 277 shares of the bank's stock worth $33,000 after purchasing an additional 172 shares during the period. Finally, Selective Wealth Management Inc. acquired a new position in Bank of Montreal in the 1st quarter worth $47,000. Institutional investors and hedge funds own 42.52% of the company's stock.
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Bank of Montreal Stock Performance
Shares of BMO stock traded up $1.90 on Monday, reaching $99.74. The stock had a trading volume of 22,508 shares, compared to its average volume of 770,510. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.12. The firm's 50-day moving average is $97.80 and its two-hundred day moving average is $105.20. The firm has a market capitalization of $67.28 billion, a price-to-earnings ratio of 7.41, a P/E/G ratio of 1.52 and a beta of 1.17. Bank of Montreal has a 12 month low of $90.41 and a 12 month high of $122.77.
Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last issued its earnings results on Tuesday, August 30th. The bank reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.63. The company had revenue of $6.10 billion for the quarter, compared to analysts' expectations of $6.87 billion. Bank of Montreal had a net
margin of 30.66% and a return on equity of 16.07%. Bank of Montreal's quarterly revenue was down 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.80 EPS. On average, research analysts expect that Bank of Montreal will post 10.31 EPS for the current fiscal year.
Bank of Montreal Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Stockholders of record on Tuesday, November 1st will be issued a $1.086 dividend. This represents a $4.34 dividend on an annualized basis and a dividend yield of 4.36%. This is a boost from Bank of Montreal's previous quarterly dividend of $1.08. The ex-dividend date is Monday, October 31st. Bank of Montreal's dividend payout ratio is presently 32.93%.
Analysts Set New Price Targets
BMO has been the subject of a number of research analyst reports. StockNews.com lowered shares of Bank of Montreal from a "hold" rating to a "sell" rating in a research note on Wednesday, August 31st. TD Securities reduced their target price on shares of Bank of Montreal from C$160.00 to C$155.00 and set a "buy" rating for the company in a research note on Thursday, May 26th. Desjardins reduced their target price on shares of Bank of Montreal from C$153.00 to C$150.00 in a research note on Wednesday, August 31st. Royal Bank of Canada cut their price target on shares of Bank of Montreal from C$158.00 to C$151.00 in a research report on Wednesday, August 31st. Finally, BMO Capital Markets cut shares of Bank of Montreal from a "buy" rating to a "reduce" rating and cut their price target for the stock from C$152.50 to C$150.50 in a research report on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Bank of Montreal presently has an average rating of "Moderate Buy" and an average price target of $159.72.
About Bank of Montreal
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Bank of Montreal provides diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
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