South Texas Money Management Ltd. increased its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 0.9% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 662,066 shares of the bank’s stock after purchasing an additional 5,663 shares during the quarter. Bank of Montreal accounts for 2.1% of South Texas Money Management Ltd.’s holdings, making the stock its 9th biggest position. South Texas Money Management Ltd.’s holdings in Bank of Montreal were worth $49,536,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Pennsylvania Trust Co increased its stake in Bank of Montreal by 671.0% during the 1st quarter. Pennsylvania Trust Co now owns 37,200 shares of the bank’s stock worth $1,942,000 after purchasing an additional 32,375 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in Bank of Montreal by 1,980.3% during the 1st quarter. Flagship Harbor Advisors LLC now owns 2,538 shares of the bank’s stock worth $189,000 after acquiring an additional 2,416 shares during the last quarter. Cascade Investment Advisors Inc. boosted its position in Bank of Montreal by 7.8% during the 1st quarter. Cascade Investment Advisors Inc. now owns 14,670 shares of the bank’s stock worth $1,098,000 after acquiring an additional 1,065 shares during the last quarter. Legacy Private Trust Co. acquired a new position in Bank of Montreal during the 1st quarter worth approximately $207,000. Finally, Ferguson Wellman Capital Management Inc. boosted its position in Bank of Montreal by 1.5% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 13,260 shares of the bank’s stock worth $992,000 after acquiring an additional 190 shares during the last quarter. 43.89% of the stock is owned by institutional investors and hedge funds.
A number of research firms have weighed in on BMO. Zacks Investment Research downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. Bank of America downgraded Bank of Montreal from a “neutral” rating to an “underperform” rating in a research report on Monday, January 28th. Finally, ValuEngine raised Bank of Montreal from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $105.33.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Tuesday, February 26th. The bank reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.06. Bank of Montreal had a return on equity of 14.89% and a net margin of 17.43%. The firm had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the prior year, the firm posted $2.12 EPS. The business’s revenue was up 6.0% on a year-over-year basis. As a group, analysts anticipate that Bank of Montreal will post 7.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Wednesday, May 1st will be issued a $0.762 dividend. This represents a $3.05 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Tuesday, April 30th. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.75. Bank of Montreal’s dividend payout ratio is presently 43.63%.
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Bank of Montreal Company Profile
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. 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, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.
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