Cidel Asset Management Inc. boosted its stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 6.2% during the second quarter, Holdings Channel reports. The fund owned 1,329,376 shares of the bank’s stock after buying an additional 77,675 shares during the period. Bank Of Montreal comprises approximately 4.5% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 7th largest position. Cidel Asset Management Inc.’s holdings in Bank Of Montreal were worth $97,499,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock valued at $103,000 after buying an additional 23 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Bank Of Montreal by 11.5% in the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock valued at $118,000 after buying an additional 166 shares during the last quarter. BNP Paribas Arbitrage SA purchased a new stake in shares of Bank Of Montreal during the first quarter valued at $121,000. Parallel Advisors LLC boosted its stake in shares of Bank Of Montreal by 5.0% in the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock valued at $145,000 after buying an additional 99 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Bank Of Montreal during the first quarter valued at $150,000. 48.44% of the stock is currently owned by institutional investors.
Bank Of Montreal (NYSE BMO) opened at 72.36 on Friday. The company has a market capitalization of $47.18 billion, a P/E ratio of 11.56 and a beta of 1.02. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00. The stock’s 50 day moving average price is $74.99 and its 200-day moving average price is $73.41.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Wednesday, May 24th. The bank reported $1.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. The business had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.26 billion. During the same period last year, the business posted $1.73 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. Equities analysts forecast that Bank Of Montreal will post $6.26 EPS for the current year.
Bank Of Montreal declared that its Board of Directors has initiated a share buyback plan on Thursday, April 27th that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The business 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 is Friday, July 28th. This represents a $2.65 dividend on an annualized basis and a dividend yield of 3.66%. Bank Of Montreal’s dividend payout ratio is presently 46.18%.
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BMO has been the topic of several recent research reports. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, July 18th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. They noted that the move was a valuation call. BidaskClub raised Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $88.38.
About Bank Of Montreal
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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