Algert Global LLC Purchases New Stake in Bank of Montreal (NYSE:BMO)

Algert Global LLC bought a new position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in the third quarter, Holdings Channel.com reports. The firm bought 16,625 shares of the bank’s stock, valued at approximately $1,502,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cerity Partners LLC boosted its position in Bank of Montreal by 109.0% during the third quarter. Cerity Partners LLC now owns 10,939 shares of the bank’s stock worth $987,000 after purchasing an additional 5,705 shares during the period. Great Valley Advisor Group Inc. boosted its position in Bank of Montreal by 4.2% during the third quarter. Great Valley Advisor Group Inc. now owns 6,210 shares of the bank’s stock worth $560,000 after purchasing an additional 252 shares during the period. Nwam LLC bought a new position in Bank of Montreal during the third quarter worth about $402,000. Citigroup Inc. boosted its position in Bank of Montreal by 7.0% during the third quarter. Citigroup Inc. now owns 165,148 shares of the bank’s stock worth $14,919,000 after purchasing an additional 10,792 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Bank of Montreal by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,848,917 shares of the bank’s stock worth $167,017,000 after purchasing an additional 103,495 shares during the period. Institutional investors own 45.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BMO shares. StockNews.com lowered shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. Jefferies Financial Group lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Bank of America lowered shares of Bank of Montreal from a “buy” rating to a “neutral” rating and cut their price objective for the company from $134.00 to $117.00 in a research report on Wednesday, August 28th. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Scotiabank lowered shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $123.00 to $112.00 in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Bank of Montreal presently has an average rating of “Hold” and an average target price of $119.75.

Bank of Montreal Trading Up 0.6 %

Shares of BMO opened at $94.96 on Friday. The firm’s 50 day simple moving average is $92.47 and its 200 day simple moving average is $88.34. The company has a market capitalization of $69.28 billion, a P/E ratio of 14.95, a P/E/G ratio of 2.60 and a beta of 1.10. 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 $76.98 and a 1-year high of $100.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The company had revenue of $8.21 billion during the quarter, compared to analysts’ expectations of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.08 earnings per share. Sell-side analysts forecast that Bank of Montreal will post 7.37 earnings per share for the current fiscal year.

Bank of Montreal Company 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.