Fmr LLC decreased its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 41.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 893,620 shares of the bank’s stock after selling 633,810 shares during the quarter. Fmr LLC owned about 0.14% of Bank Of Montreal worth $65,616,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the company. USS Investment Management Ltd purchased a new stake in Bank Of Montreal during the second quarter valued at $6,314,000. Blair William & Co. IL increased its position in Bank Of Montreal by 6.5% during the second quarter. Blair William & Co. IL now owns 16,738 shares of the bank’s stock valued at $1,229,000 after acquiring an additional 1,023 shares during the last quarter. Intact Investment Management Inc. increased its position in Bank Of Montreal by 106.6% during the second quarter. Intact Investment Management Inc. now owns 575,323 shares of the bank’s stock valued at $54,782,000 after acquiring an additional 296,840 shares during the last quarter. CGOV Asset Management increased its position in Bank Of Montreal by 13.1% during the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock valued at $857,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Fiera Capital Corp increased its position in Bank Of Montreal by 6.9% during the second quarter. Fiera Capital Corp now owns 1,098,812 shares of the bank’s stock valued at $80,540,000 after acquiring an additional 71,132 shares during the last quarter. Hedge funds and other institutional investors own 42.74% of the company’s stock.
A number of analysts recently commented on the company. BidaskClub upgraded Bank Of Montreal from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Scotiabank reiterated a “buy” rating and set a $101.00 price objective on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Canaccord Genuity assumed coverage on Bank Of Montreal in a research report on Tuesday, July 18th. They set a “hold” rating for the company. Finally, Zacks Investment Research upgraded Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, July 18th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $99.00.
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Bank Of Montreal (NYSE BMO) opened at 78.13 on Friday. The company has a market cap of $50.71 billion, a price-to-earnings ratio of 11.68 and a beta of 1.04. The stock has a 50 day moving average price of $75.10 and a 200-day moving average price of $73.06. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.28.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the Zacks’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The business had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the business earned $1.94 earnings per share. Bank Of Montreal’s revenue was down 3.1% on a year-over-year basis. On average, equities research analysts forecast that Bank Of Montreal will post $6.44 EPS for the current year.
Bank Of Montreal announced that its board has initiated a stock buyback program on Friday, June 23rd that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.717 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.67%. Bank Of Montreal’s dividend payout ratio (DPR) is 46.91%.
Bank Of Montreal 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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