Jupiter Asset Management Ltd. Takes $13.61 Million Position in Bank of Montreal (NYSE:BMO)

Jupiter Asset Management Ltd. purchased a new stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 150,626 shares of the bank’s stock, valued at approximately $13,614,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BMO. Cambridge Investment Research Advisors Inc. increased its position in shares of Bank of Montreal by 3.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,432 shares of the bank’s stock valued at $877,000 after purchasing an additional 219 shares during the last quarter. BlackRock Inc. grew its stake in shares of Bank of Montreal by 5.5% during the 1st quarter. BlackRock Inc. now owns 426,005 shares of the bank’s stock valued at $50,256,000 after acquiring an additional 22,030 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of Bank of Montreal during the 1st quarter valued at approximately $225,000. Vanguard Group Inc. grew its stake in shares of Bank of Montreal by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 22,478,058 shares of the bank’s stock valued at $2,651,736,000 after acquiring an additional 1,293,280 shares during the period. Finally, USS Investment Management Ltd grew its stake in shares of Bank of Montreal by 2.1% during the 1st quarter. USS Investment Management Ltd now owns 145,939 shares of the bank’s stock valued at $17,199,000 after acquiring an additional 3,071 shares during the period. Hedge funds and other institutional investors own 43.89% of the company’s stock.

Bank of Montreal Trading Up 1.2 %

BMO stock opened at $81.64 on Friday. Bank of Montreal has a 1-year low of $73.98 and a 1-year high of $102.79. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $58.86 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.24 and a beta of 1.15. The business has a 50 day simple moving average of $81.28 and a two-hundred day simple moving average of $85.66.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($0.20). Bank of Montreal had a return on equity of 12.70% and a net margin of 11.19%. The business had revenue of $5.94 billion during the quarter. Research analysts anticipate that Bank of Montreal will post 8.67 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Monday, October 30th will be given a dividend of $1.11 per share. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.09. This represents a $4.44 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date is Friday, October 27th. Bank of Montreal’s dividend payout ratio is currently 57.35%.

Analyst Upgrades and Downgrades

BMO has been the subject of a number of recent research reports. Barclays boosted their price objective on Bank of Montreal from $123.00 to $131.00 and gave the company an “overweight” rating in a research note on Monday, August 21st. StockNews.com initiated coverage on Bank of Montreal in a research note on Thursday, October 5th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $139.25.

Bank of Montreal Company Profile

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.