AdvisorNet Financial Inc lessened its position in shares of Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) by 56.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,000 shares of the bank’s stock after selling 1,320 shares during the quarter. AdvisorNet Financial Inc’s holdings in Bank of Montreal were worth $96,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BMO. Norges Bank acquired a new stake in shares of Bank of Montreal during the 4th quarter worth approximately $666,860,000. 1832 Asset Management L.P. lifted its holdings in shares of Bank of Montreal by 32.1% in the 1st quarter. 1832 Asset Management L.P. now owns 7,194,489 shares of the bank’s stock worth $836,145,000 after purchasing an additional 1,749,146 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Bank of Montreal by 17.4% in the 1st quarter. Mackenzie Financial Corp now owns 11,425,357 shares of the bank’s stock worth $1,346,567,000 after purchasing an additional 1,690,617 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Bank of Montreal by 82.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,404,661 shares of the bank’s stock worth $400,992,000 after purchasing an additional 1,541,161 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Bank of Montreal by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 22,478,058 shares of the bank’s stock worth $2,651,736,000 after purchasing an additional 1,293,280 shares in the last quarter. Institutional investors and hedge funds own 42.52% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on BMO shares. Desjardins cut their target price on Bank of Montreal from C$153.00 to C$150.00 in a report on Wednesday, August 31st. BMO Capital Markets cut Bank of Montreal from a “buy” rating to a “reduce” rating and dropped their price objective for the company from C$152.50 to C$150.50 in a research note on Wednesday, August 31st. Stifel Europe raised their price objective on Bank of Montreal from C$157.00 to C$160.00 in a research note on Thursday, May 26th. TD Securities dropped their price objective on Bank of Montreal from C$160.00 to C$155.00 and set a “buy” rating on the stock in a research note on Thursday, May 26th. Finally, Royal Bank of Canada lowered their target price on Bank of Montreal from C$158.00 to C$151.00 in a research note on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $159.72.
Bank of Montreal Trading Down 1.5 %
Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last announced its quarterly earnings data on Tuesday, August 30th. The bank reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.63. The company had revenue of $6.10 billion during the quarter, compared to analyst estimates of $6.87 billion. Bank of Montreal had a return on equity of 16.07% and a net margin of 30.66%. The firm’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.80 EPS. Equities research analysts predict that Bank of Montreal will post 10.32 EPS for the current year.
Bank of Montreal Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Shareholders of record on Tuesday, November 1st will be issued a dividend of $1.086 per share. This represents a $4.34 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date is Monday, October 31st. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.08. Bank of Montreal’s payout ratio is presently 32.93%.
About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. 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, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
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