SeaCrest Wealth Management LLC Acquires New Position in Bank of Montreal (NYSE:BMO)

SeaCrest Wealth Management LLC acquired a new stake in shares of Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) in the second quarter, HoldingsChannel reports. The institutional investor acquired 605 shares of the bank’s stock, valued at approximately $58,000.

A number of other hedge funds also recently made changes to their positions in the stock. OLD National Bancorp IN grew its stake in shares of Bank of Montreal by 2.7% during the 1st quarter. OLD National Bancorp IN now owns 4,377 shares of the bank’s stock valued at $516,000 after acquiring an additional 115 shares during the period. Vident Investment Advisory LLC grew its stake in shares of Bank of Montreal by 1.7% during the 1st quarter. Vident Investment Advisory LLC now owns 7,472 shares of the bank’s stock valued at $877,000 after acquiring an additional 122 shares during the period. Parallel Advisors LLC grew its stake in shares of Bank of Montreal by 4.8% during the 2nd quarter. Parallel Advisors LLC now owns 2,743 shares of the bank’s stock valued at $264,000 after acquiring an additional 125 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of Bank of Montreal by 3.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 4,093 shares of the bank’s stock valued at $394,000 after acquiring an additional 128 shares during the period. Finally, Avantax Advisory Services Inc. grew its stake in shares of Bank of Montreal by 6.7% during the 2nd quarter. Avantax Advisory Services Inc. now owns 2,075 shares of the bank’s stock valued at $200,000 after acquiring an additional 131 shares during the period. 42.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BMO shares. BMO Capital Markets downgraded Bank of Montreal from a “buy” rating to a “reduce” rating and dropped their price target for the stock from C$152.50 to C$150.50 in a research note on Wednesday, August 31st. StockNews.com started coverage on Bank of Montreal in a research note on Wednesday, October 12th. They issued a “sell” rating for the company. Royal Bank of Canada decreased their price target on Bank of Montreal from C$158.00 to C$151.00 in a report on Wednesday, August 31st. Finally, Desjardins decreased their price target on Bank of Montreal from C$153.00 to C$150.00 in a report on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $159.72.

Bank of Montreal Price Performance

BMO opened at $98.79 on Friday. Bank of Montreal has a 12-month low of $81.57 and a 12-month high of $122.77. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $92.17 and its 200-day simple moving average is $97.24. The company has a market capitalization of $66.91 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 1.66 and a beta of 1.12.

Bank of Montreal (NYSE:BMOGet Rating) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 30th. The bank reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.02. Bank of Montreal had a return on equity of 16.07% and a net margin of 30.66%. The business had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $6.87 billion. During the same quarter in the prior year, the company earned $2.80 EPS. The business’s revenue was down 19.3% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of Montreal will post 10.04 earnings per share for the current fiscal year.

Bank of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Tuesday, November 1st will be given a dividend of $1.086 per share. The ex-dividend date of this dividend is Monday, October 31st. This represents a $4.34 dividend on an annualized basis and a yield of 4.40%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.08. Bank of Montreal’s dividend payout ratio (DPR) is presently 30.89%.

Bank of Montreal Profile

(Get Rating)

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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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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