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

Truist Financial Corp decreased its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,672 shares of the bank’s stock after selling 611 shares during the quarter. Truist Financial Corp’s holdings in Bank of Montreal were worth $1,482,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rothschild Investment LLC acquired a new stake in shares of Bank of Montreal during the second quarter worth about $40,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Bank of Montreal by 34.6% during the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after purchasing an additional 160 shares during the period. Olistico Wealth LLC acquired a new position in Bank of Montreal in the second quarter valued at approximately $59,000. Crewe Advisors LLC acquired a new position in Bank of Montreal in the first quarter valued at approximately $70,000. Finally, Hexagon Capital Partners LLC lifted its holdings in Bank of Montreal by 37.2% in the first quarter. Hexagon Capital Partners LLC now owns 760 shares of the bank’s stock valued at $74,000 after acquiring an additional 206 shares during the period. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank of Montreal Stock Up 1.6 %

Shares of BMO opened at $92.67 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12. The stock has a market capitalization of $67.60 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 2.47 and a beta of 1.11. The stock has a 50 day moving average price of $86.25 and a 200 day moving average price of $88.39.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly 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). The firm had revenue of $8.21 billion for the quarter, compared to analysts’ expectations of $8.25 billion. Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.08 earnings per share. Equities research analysts forecast that Bank of Montreal will post 8.06 earnings per share for the current fiscal year.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be issued a $1.123 dividend. This represents a $4.49 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal’s payout ratio is currently 71.34%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BMO. Scotiabank downgraded Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $123.00 to $112.00 in a report on Wednesday, August 28th. Jefferies Financial Group downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. 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. Barclays cut their price objective 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. Finally, StockNews.com cut Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. One 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.