Ferguson Wellman Capital Management Inc. cut its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,490 shares of the bank’s stock after selling 1,254 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Bank Of Montreal were worth $1,211,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Bronfman E.L. Rothschild L.P. increased its stake in 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. BNP Paribas Arbitrage SA purchased a new stake in Bank Of Montreal during the first quarter valued at $121,000. Parallel Advisors LLC increased its stake in 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. Signature Estate & Investment Advisors LLC purchased a new stake in Bank Of Montreal during the first quarter valued at $150,000. Finally, IHT Wealth Management LLC increased its stake in Bank Of Montreal by 38.7% in the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock valued at $160,000 after buying an additional 600 shares during the last quarter. 48.44% of the stock is owned by institutional investors and hedge funds.
Bank Of Montreal (NYSE:BMO) opened at 72.76 on Friday. The stock has a market cap of $47.44 billion, a PE ratio of 11.62 and a beta of 1.02. Bank Of Montreal has a 52-week low of $62.32 and a 52-week high of $78.00. The firm has a 50-day moving average price of $74.97 and a 200 day moving average price of $73.39.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Wednesday, May 24th. The bank reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.05. The company had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.26 billion. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 EPS. Equities analysts anticipate that Bank Of Montreal will post $6.30 earnings per share for the current year.
Bank Of Montreal announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 27th that allows the company to buyback 15,000,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 1st will be paid a dividend of $0.6616 per share. The ex-dividend date is Friday, July 28th. This represents a $2.65 annualized dividend and a yield of 3.64%. Bank Of Montreal’s payout ratio is 46.18%.
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Several equities research analysts recently weighed in on the company. BidaskClub downgraded Bank Of Montreal from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, July 18th. Canaccord Genuity assumed coverage on Bank Of Montreal in a report on Tuesday, July 18th. They set a “hold” rating for the company. 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. Finally, Royal Bank Of Canada decreased their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a report on Thursday, May 25th. One equities 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. Bank Of Montreal presently has a consensus rating of “Hold” and a consensus price target 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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