Envestnet Asset Management Inc. Has $5.32 Million Stock Holdings in Bank of Montreal (NYSE:BMO)

Envestnet Asset Management Inc. raised its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,454 shares of the bank’s stock after acquiring an additional 495 shares during the period. Envestnet Asset Management Inc.’s holdings in Bank of Montreal were worth $5,321,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rothschild Investment LLC acquired a new position in shares of Bank of Montreal during the 2nd quarter worth $40,000. EverSource Wealth Advisors LLC grew its position in Bank of Montreal by 34.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after acquiring an additional 160 shares during the last quarter. Olistico Wealth LLC bought a new stake in Bank of Montreal during the 2nd quarter worth $59,000. Crewe Advisors LLC bought a new stake in Bank of Montreal during the 1st quarter worth $70,000. Finally, Hexagon Capital Partners LLC grew its position in Bank of Montreal by 37.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 760 shares of the bank’s stock worth $74,000 after acquiring an additional 206 shares during the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Bank of Montreal Stock Down 0.2 %

Shares of Bank of Montreal stock opened at $90.21 on Tuesday. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50-day moving average is $85.16 and its 200 day moving average is $88.61. The firm has a market cap of $65.79 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 2.48 and a beta of 1.11.

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

Bank of Montreal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be paid a dividend of $1.123 per share. This represents a $4.49 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio (DPR) is currently 76.25%.

Wall Street Analyst Weigh In

BMO has been the topic of a number of research reports. UBS Group initiated coverage on Bank of Montreal in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Scotiabank lowered Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $123.00 to $112.00 in a research report on Wednesday, August 28th. Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Keefe, Bruyette & Woods lowered Bank of Montreal from an “outperform” rating to a “market perform” rating and reduced their price target for the company 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 assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.