Jones Collombin Investment Counsel Inc Has $459,000 Stake in Bank Of Montreal (BMO)

Jones Collombin Investment Counsel Inc maintained its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the second quarter, Holdings Channel reports. The fund owned 6,252 shares of the bank’s stock at the end of the second quarter. Jones Collombin Investment Counsel Inc’s holdings in Bank Of Montreal were worth $459,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of BMO. James Investment Research Inc. raised its position in Bank Of Montreal by 29.9% in the first quarter. James Investment Research Inc. now owns 138,640 shares of the bank’s stock worth $10,369,000 after buying an additional 31,950 shares during the period. Sabal Trust CO raised its position in Bank Of Montreal by 5.0% in the first quarter. Sabal Trust CO now owns 300,480 shares of the bank’s stock worth $22,473,000 after buying an additional 14,208 shares during the period. Barometer Capital Management Inc. raised its position in Bank Of Montreal by 15.3% in the first quarter. Barometer Capital Management Inc. now owns 340,803 shares of the bank’s stock worth $25,489,000 after buying an additional 45,161 shares during the period. Boston Advisors LLC raised its position in Bank Of Montreal by 1.7% in the first quarter. Boston Advisors LLC now owns 14,766 shares of the bank’s stock worth $1,104,000 after buying an additional 250 shares during the period. Finally, Patten & Patten Inc. TN bought a new position in Bank Of Montreal during the first quarter worth approximately $204,000. Hedge funds and other institutional investors own 48.33% of the company’s stock.

Bank Of Montreal (BMO) opened at 72.94 on Friday. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The company has a market cap of $47.56 billion, a price-to-earnings ratio of 11.51 and a beta of 1.02. The stock has a 50 day moving average price of $74.81 and a 200 day moving average price of $73.53.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Wednesday, May 24th. The bank reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.05. The firm had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.26 billion. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. On average, equities analysts forecast that Bank Of Montreal will post $6.30 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Stockholders of record on Tuesday, August 1st will be issued a $0.6616 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.65 annualized dividend and a dividend yield of 3.63%. Bank Of Montreal’s payout ratio is currently 46.18%.

Bank Of Montreal declared that its board has authorized a stock repurchase program on Thursday, April 27th that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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A number of equities analysts have commented on the company. Zacks Investment Research upgraded Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, July 18th. Canaccord Genuity assumed coverage on Bank Of Montreal in a research note on Tuesday, July 18th. They set a “hold” rating on the stock. BidaskClub lowered Bank Of Montreal from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Finally, Royal Bank Of Canada lowered their price objective on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 25th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Bank Of Montreal currently has an average rating of “Hold” and an average target price of $88.38.

Bank Of Montreal Company Profile

Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.

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Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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