Bank of Montreal (NYSE:BMO) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its holdings in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 13.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,415,977 shares of the bank’s stock after selling 1,727,420 shares during the quarter. Bank of Montreal makes up approximately 1.4% of Mackenzie Financial Corp’s portfolio, making the stock its 11th largest holding. Mackenzie Financial Corp’s holdings in Bank of Montreal were worth $958,328,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. raised its stake in Bank of Montreal by 51.2% in the 4th quarter. Principal Financial Group Inc. now owns 25,200 shares of the bank’s stock valued at $2,506,000 after purchasing an additional 8,528 shares during the last quarter. Corient Private Wealth LLC boosted its position in Bank of Montreal by 72.6% during the fourth quarter. Corient Private Wealth LLC now owns 32,603 shares of the bank’s stock worth $3,226,000 after acquiring an additional 13,718 shares during the last quarter. Focus Financial Network Inc. ADV acquired a new position in Bank of Montreal in the 4th quarter valued at $230,000. Gold Investment Management Ltd. purchased a new position in shares of Bank of Montreal during the 4th quarter worth $2,151,000. Finally, Dorsey & Whitney Trust CO LLC grew its position in shares of 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 valued at $568,000 after purchasing an additional 116 shares during the period. 45.82% of the stock is owned by hedge funds and other institutional investors.

Bank of Montreal Price Performance

BMO opened at $90.77 on Friday. Bank of Montreal has a 52-week low of $73.98 and a 52-week high of $100.12. The company has a 50 day moving average of $85.04 and a two-hundred day moving average of $88.75. The company has a market cap of $66.21 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.48 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results 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 analyst estimates of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.08 earnings per share. On average, analysts expect that Bank of Montreal will post 8.06 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be issued a dividend of $1.123 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 annualized dividend and a dividend yield of 4.95%. Bank of Montreal’s payout ratio is currently 75.25%.

Wall Street Analyst Weigh In

BMO has been the subject of several analyst reports. Royal Bank of Canada lowered Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. Scotiabank downgraded shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $123.00 to $112.00 in a report on Wednesday, August 28th. Barclays cut their price target on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. UBS Group began coverage on shares of Bank of Montreal in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods lowered Bank of Montreal from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $137.00 to $124.00 in a research report on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $119.75.

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.