CIBC Asset Management Inc decreased its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,327,645 shares of the bank’s stock after selling 453,468 shares during the period. Bank Of Montreal makes up about 2.7% of CIBC Asset Management Inc’s investment portfolio, making the stock its 10th largest position. CIBC Asset Management Inc owned 0.82% of Bank Of Montreal worth $390,740,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Rothschild Asset Management Inc. raised its position in shares of Bank Of Montreal by 6.3% in the second quarter. Rothschild Asset Management Inc. now owns 30,448 shares of the bank’s stock worth $2,899,000 after buying an additional 1,797 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in Bank Of Montreal by 7.1% in the second quarter. Great West Life Assurance Co. Can now owns 5,707,527 shares of the bank’s stock valued at $417,991,000 after buying an additional 379,748 shares during the period. Janney Montgomery Scott LLC increased its stake in Bank Of Montreal by 14.2% in the second quarter. Janney Montgomery Scott LLC now owns 19,106 shares of the bank’s stock valued at $1,403,000 after buying an additional 2,378 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Bank Of Montreal during the second quarter worth about $307,000. Finally, Lincluden Management Ltd. increased its stake in shares of Bank Of Montreal by 8.6% in the second quarter. Lincluden Management Ltd. now owns 678,018 shares of the bank’s stock worth $51,271,000 after buying an additional 53,837 shares during the period. Institutional investors and hedge funds own 48.33% of the company’s stock.
Bank Of Montreal (BMO) traded down 0.58% during mid-day trading on Friday, reaching $72.52. 483,050 shares of the company’s stock were exchanged. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The company has a market capitalization of $47.28 billion, a P/E ratio of 11.45 and a beta of 1.02. The company’s 50 day moving average price is $74.86 and its 200-day moving average price is $73.52.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 earnings per share 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 earned $1.73 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, equities research analysts expect that Bank Of Montreal will post $6.30 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 1st will be paid a $0.6616 dividend. This represents a $2.65 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s payout ratio is 46.18%.
Bank Of Montreal declared that its Board of Directors has approved a stock buyback program on Thursday, April 27th that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts have issued reports on BMO shares. Citigroup Inc. raised shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. BidaskClub cut shares of Bank Of Montreal from a “hold” rating to a “sell” rating in a research report on Saturday. TD Securities upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. They noted that the move was a valuation call. Zacks Investment Research cut shares of Bank Of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, May 25th. Finally, Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. One 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. Bank Of Montreal has an average rating of “Hold” and an average price target 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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