K.J. Harrison & Partners Inc Boosts Stake in Bank Of Montreal $BMO

K.J. Harrison & Partners Inc increased its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 32.2% in the second quarter, HoldingsChannel.com reports. The firm owned 52,488 shares of the bank’s stock after buying an additional 12,785 shares during the period. Bank Of Montreal accounts for approximately 1.0% of K.J. Harrison & Partners Inc’s portfolio, making the stock its 29th largest holding. K.J. Harrison & Partners Inc’s holdings in Bank Of Montreal were worth $5,806,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in BMO. Goldman Sachs Group Inc. boosted its position in shares of Bank Of Montreal by 213.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank’s stock worth $406,825,000 after purchasing an additional 2,899,061 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Bank Of Montreal by 66.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank’s stock worth $351,154,000 after purchasing an additional 1,469,084 shares during the period. International Assets Investment Management LLC purchased a new position in Bank Of Montreal in the 2nd quarter valued at approximately $612,000. Nuveen LLC purchased a new position in Bank Of Montreal in the 1st quarter valued at approximately $52,070,000. Finally, Vanguard Group Inc. boosted its position in Bank Of Montreal by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank’s stock valued at $2,960,102,000 after buying an additional 503,027 shares during the period. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Price Performance

Shares of NYSE:BMO opened at $124.23 on Monday. The company’s fifty day moving average price is $126.31 and its 200 day moving average price is $113.91. Bank Of Montreal has a 12 month low of $85.40 and a 12 month high of $131.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $88.50 billion, a P/E ratio of 15.21, a P/E/G ratio of 1.28 and a beta of 1.03.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, topping the consensus estimate of $2.12 by $0.21. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The firm had revenue of $6.51 billion for the quarter, compared to analyst estimates of $8.84 billion. During the same period last year, the business earned $2.64 EPS. Bank Of Montreal’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, October 30th will be paid a $1.63 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.18. This represents a $6.52 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Thursday, October 30th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 58.02%.

Analyst Ratings Changes

Several brokerages have commented on BMO. Scotiabank reissued a “sector perform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank Of Montreal in a research report on Wednesday, October 8th. Cowen reissued a “hold” rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. CIBC raised shares of Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a research report on Friday, September 5th. Finally, Royal Bank Of Canada lowered shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $168.00 to $163.00 in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $163.00.

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.