1832 Asset Management L.P. Raises Stock Holdings in Bank of Montreal (NYSE:BMO)

1832 Asset Management L.P. grew its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 6.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,312,320 shares of the bank’s stock after buying an additional 463,924 shares during the quarter. Bank of Montreal makes up 0.5% of 1832 Asset Management L.P.’s portfolio, making the stock its 19th biggest holding. 1832 Asset Management L.P.’s holdings in Bank of Montreal were worth $613,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dorsey & Whitney Trust CO LLC increased its position in Bank of Montreal by 2.1% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 5,739 shares of the bank’s stock worth $568,000 after buying an additional 116 shares in the last quarter. Signaturefd LLC grew its position in shares of Bank of Montreal by 1.5% during the second quarter. Signaturefd LLC now owns 8,581 shares of the bank’s stock worth $720,000 after purchasing an additional 123 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Bank of Montreal by 39.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock worth $46,000 after purchasing an additional 130 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Bank of Montreal by 4.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after purchasing an additional 151 shares in the last quarter. Finally, Whittier Trust Co. grew its position in shares of Bank of Montreal by 17.9% during the second quarter. Whittier Trust Co. now owns 1,092 shares of the bank’s stock worth $92,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Jefferies Financial Group cut Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Barclays cut their target price on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday, August 28th. StockNews.com cut Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. Royal Bank of Canada cut Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 30th. Finally, UBS Group assumed coverage on Bank of Montreal in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $119.75.

Bank of Montreal Stock Performance

NYSE BMO opened at $89.91 on Friday. The stock has a market capitalization of $65.57 billion, a PE ratio of 14.94, a P/E/G ratio of 2.32 and a beta of 1.11. The business has a 50 day simple moving average of $84.80 and a two-hundred day simple moving average of $88.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. Bank of Montreal has a 1-year low of $73.98 and a 1-year high of $100.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.12). The company had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. Bank of Montreal’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business earned $2.08 earnings per share. On average, research analysts predict that Bank of Montreal will post 8.06 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be paid a $1.123 dividend. This represents a $4.49 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s payout ratio is 76.25%.

About Bank of Montreal

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.