Azimuth Capital Management LLC Purchases 3,130 Shares of Bank of Montreal (NYSE:BMO)


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Azimuth Capital Management LLC boosted its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,309 shares of the bank’s stock after purchasing an additional 3,130 shares during the period. Azimuth Capital Management LLC’s holdings in Bank of Montreal were worth $4,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BMO. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Bank of Montreal by 51.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,993,099 shares of the bank’s stock worth $174,885,000 after purchasing an additional 1,010,465 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Bank of Montreal by 18.1% in the fourth quarter. CIBC Asset Management Inc now owns 6,017,006 shares of the bank’s stock worth $456,429,000 after purchasing an additional 922,927 shares during the last quarter. Bank of Nova Scotia Trust Co. bought a new stake in Bank of Montreal in the third quarter worth about $40,258,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Bank of Montreal by 24.0% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,293,923 shares of the bank’s stock worth $75,603,000 after acquiring an additional 250,512 shares during the period. Finally, Pendal Group Limited purchased a new position in shares of Bank of Montreal during the fourth quarter worth approximately $18,802,000. 39.18% of the stock is owned by institutional investors and hedge funds.

NYSE BMO traded up $1.90 during midday trading on Tuesday, hitting $82.62. 39,334 shares of the company traded hands, compared to its average volume of 574,031. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $53.45 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.51 and a beta of 1.29. The company’s 50-day simple moving average is $77.33 and its 200-day simple moving average is $68.37. Bank of Montreal has a 52 week low of $38.31 and a 52 week high of $81.11.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Monday, November 30th. The bank reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.50. The business had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Bank of Montreal had a return on equity of 10.69% and a net margin of 14.82%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.43 EPS. On average, research analysts predict that Bank of Montreal will post 6.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 26th. Stockholders of record on Monday, February 1st will be given a $0.796 dividend. This is a boost from Bank of Montreal’s previous quarterly dividend of $0.79. The ex-dividend date of this dividend is Friday, January 29th. This represents a $3.18 dividend on an annualized basis and a dividend yield of 3.85%. Bank of Montreal’s dividend payout ratio (DPR) is presently 58.12%.

A number of brokerages have recently commented on BMO. Barclays raised their target price on shares of Bank of Montreal from $88.00 to $96.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 16th. Canaccord Genuity reaffirmed a “buy” rating on shares of Bank of Montreal in a research report on Wednesday, December 2nd. Zacks Investment Research raised shares of Bank of Montreal from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Wednesday, February 17th. CIBC raised shares of Bank of Montreal to an “outperformer” rating and raised their target price for the stock from $95.00 to $108.00 in a research report on Thursday, November 19th. Finally, Credit Suisse Group raised their target price on shares of Bank of Montreal from $90.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Bank of Montreal has an average rating of “Hold” and an average price target of $86.89.

About Bank of Montreal

Bank of Montreal provides diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.

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

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