Harbour Investments Inc. Acquires 289 Shares of Bank of Montreal (NYSE:BMO)

Harbour Investments Inc. lifted its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,256 shares of the bank’s stock after purchasing an additional 289 shares during the quarter. Harbour Investments Inc.’s holdings in Bank of Montreal were worth $525,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Canoe Financial LP increased its holdings in shares of Bank of Montreal by 300,456.3% in the fourth quarter. Canoe Financial LP now owns 105,510,305 shares of the bank’s stock worth $10,439,190,000 after purchasing an additional 105,475,200 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of Montreal by 1.9% during the first quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank’s stock worth $2,795,402,000 after acquiring an additional 544,767 shares during the last quarter. TD Asset Management Inc increased its stake in Bank of Montreal by 19.9% during the fourth quarter. TD Asset Management Inc now owns 19,225,705 shares of the bank’s stock worth $1,911,635,000 after acquiring an additional 3,187,998 shares during the last quarter. National Bank of Canada FI increased its stake in Bank of Montreal by 38.0% during the first quarter. National Bank of Canada FI now owns 14,069,787 shares of the bank’s stock worth $1,318,457,000 after acquiring an additional 3,874,573 shares during the last quarter. Finally, FIL Ltd increased its stake in Bank of Montreal by 138.3% during the fourth quarter. FIL Ltd now owns 9,872,642 shares of the bank’s stock worth $976,870,000 after acquiring an additional 5,729,145 shares during the last quarter. 45.82% of the stock is owned by institutional investors.

Bank of Montreal Stock Performance

Shares of BMO stock opened at $81.90 on Thursday. The business’s fifty day simple moving average is $84.74 and its 200-day simple moving average is $89.80. The company has a market cap of $59.73 billion, a PE ratio of 13.60, a PEG ratio of 2.04 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.12. Bank of Montreal has a 12-month low of $73.98 and a 12-month high of $100.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The business had revenue of $8.21 billion for the quarter, compared to analyst estimates of $8.25 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. Analysts expect that Bank of Montreal will post 7.91 earnings per share for the current fiscal year.

Bank of Montreal Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be given a dividend of $1.123 per share. This represents a $4.49 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s payout ratio is presently 75.25%.

Analyst Ratings Changes

Several equities research analysts have weighed in on BMO shares. Barclays reduced their price objective on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group initiated coverage on Bank of Montreal in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Royal Bank of Canada lowered Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 30th. Desjardins lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of Montreal currently has a consensus rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.