Highstreet Asset Management Inc. lowered its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 39.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 110,013 shares of the bank’s stock after selling 71,114 shares during the period. Bank of Montreal accounts for 2.7% of Highstreet Asset Management Inc.’s holdings, making the stock its 8th largest position. Highstreet Asset Management Inc.’s holdings in Bank of Montreal were worth $8,208,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board increased its stake in Bank of Montreal by 65.6% in the third quarter. Ontario Teachers Pension Plan Board now owns 62,516 shares of the bank’s stock worth $4,089,000 after buying an additional 24,763 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Bank of Montreal during the third quarter worth about $138,022,000. Johnson Investment Counsel Inc. increased its stake in Bank of Montreal by 0.3% in the third quarter. Johnson Investment Counsel Inc. now owns 6,885 shares of the bank’s stock worth $451,000 after buying an additional 20 shares during the period. HighVista Strategies LLC increased its stake in Bank of Montreal by 3.6% in the third quarter. HighVista Strategies LLC now owns 23,200 shares of the bank’s stock worth $1,520,000 after buying an additional 800 shares during the period. Finally, United Services Automobile Association increased its stake in Bank of Montreal by 20.5% in the third quarter. United Services Automobile Association now owns 60,271 shares of the bank’s stock worth $3,952,000 after buying an additional 10,271 shares during the period. Institutional investors and hedge funds own 47.82% of the company’s stock.
Bank of Montreal (NYSE:BMO) traded up 1.57% during mid-day trading on Friday, hitting $69.30. 391,695 shares of the stock were exchanged. The stock has a market cap of $44.98 billion, a price-to-earnings ratio of 12.48 and a beta of 1.06. Bank of Montreal has a 52-week low of $60.93 and a 52-week high of $78.00. The stock has a 50 day moving average of $71.87 and a 200-day moving average of $72.30.
Bank of Montreal (NYSE:BMO) last posted its earnings results on Tuesday, February 28th. The bank reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.27. Bank of Montreal had a return on equity of 13.38% and a net margin of 17.99%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same quarter in the previous year, the firm earned $1.75 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities analysts predict that Bank of Montreal will post $5.91 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Monday, May 1st will be paid a $0.6685 dividend. This represents a $2.67 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, April 27th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $0.65. Bank of Montreal’s payout ratio is 50.19%.
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Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Citigroup Inc raised shares of Bank of Montreal from a “neutral” rating to a “buy” rating in a research note on Thursday. BMO Capital Markets reaffirmed an “in-line” rating on shares of Bank of Montreal in a research note on Friday, January 20th. Finally, Scotiabank raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, March 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Bank of Montreal currently has an average rating of “Hold” and a consensus target price of $86.89.
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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