Bank Of Montreal (BMO) Position Reduced by Bank of Nova Scotia

Bank of Nova Scotia lowered its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 48.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,548,578 shares of the bank’s stock after selling 8,012,815 shares during the period. Bank Of Montreal comprises 3.3% of Bank of Nova Scotia’s portfolio, making the stock its 3rd largest holding. Bank of Nova Scotia owned 1.31% of Bank Of Montreal worth $627,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. USS Investment Management Ltd purchased a new stake in Bank Of Montreal during the second quarter worth about $6,314,000. Blair William & Co. IL boosted its holdings in Bank Of Montreal by 6.5% during the second quarter. Blair William & Co. IL now owns 16,738 shares of the bank’s stock worth $1,229,000 after buying an additional 1,023 shares in the last quarter. Intact Investment Management Inc. boosted its holdings in Bank Of Montreal by 106.6% during the second quarter. Intact Investment Management Inc. now owns 575,323 shares of the bank’s stock worth $54,782,000 after buying an additional 296,840 shares in the last quarter. CGOV Asset Management boosted its holdings in Bank Of Montreal by 13.1% during the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock worth $857,000 after buying an additional 1,000 shares in the last quarter. Finally, Dana Investment Advisors Inc. boosted its holdings in Bank Of Montreal by 22.3% during the second quarter. Dana Investment Advisors Inc. now owns 7,906 shares of the bank’s stock worth $581,000 after buying an additional 1,442 shares in the last quarter. 42.74% of the stock is currently owned by hedge funds and other institutional investors.

BMO has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, July 18th. Scotiabank reissued a “buy” rating and set a $101.00 price objective on shares of Bank Of Montreal in a report on Wednesday, August 30th. Canaccord Genuity set a $102.00 price objective on shares of Bank Of Montreal and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, BidaskClub downgraded shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Bank Of Montreal has a consensus rating of “Hold” and an average target price of $99.00.

Shares of Bank Of Montreal (NYSE BMO) traded down 0.26% during mid-day trading on Monday, hitting $76.70. 48,343 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $74.44 and a 200-day moving average price of $72.94. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The stock has a market cap of $49.78 billion, a P/E ratio of 11.47 and a beta of 1.04.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The business had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the business posted $1.94 EPS. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities research analysts anticipate that Bank Of Montreal will post $6.40 EPS for the current fiscal year.

Bank Of Montreal declared that its Board of Directors has approved a stock repurchase program on Friday, June 23rd that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.717 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.87 annualized dividend and a dividend yield of 3.73%. Bank Of Montreal’s dividend payout ratio (DPR) is 46.91%.

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Bank Of Montreal Company Profile

Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.

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Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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