PCJ Investment Counsel Ltd. Sells 9,510 Shares of Bank Of Montreal $BMO

PCJ Investment Counsel Ltd. cut its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 16.7% in the second quarter, Holdings Channel reports. The institutional investor owned 47,360 shares of the bank’s stock after selling 9,510 shares during the quarter. Bank Of Montreal accounts for about 1.8% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 17th biggest holding. PCJ Investment Counsel Ltd.’s holdings in Bank Of Montreal were worth $5,252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Ascent Group LLC increased its holdings in shares of Bank Of Montreal by 3.5% during the 2nd quarter. Ascent Group LLC now owns 2,756 shares of the bank’s stock worth $305,000 after purchasing an additional 92 shares during the period. Princeton Global Asset Management LLC grew its position in Bank Of Montreal by 40.0% during the second quarter. Princeton Global Asset Management LLC now owns 350 shares of the bank’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Focus Partners Advisor Solutions LLC grew its position in Bank Of Montreal by 4.5% during the second quarter. Focus Partners Advisor Solutions LLC now owns 2,616 shares of the bank’s stock worth $289,000 after buying an additional 112 shares in the last quarter. Wedbush Securities Inc. increased its stake in Bank Of Montreal by 4.5% during the second quarter. Wedbush Securities Inc. now owns 3,091 shares of the bank’s stock valued at $342,000 after acquiring an additional 132 shares during the period. Finally, Wealth Alliance LLC raised its holdings in Bank Of Montreal by 1.8% in the 1st quarter. Wealth Alliance LLC now owns 8,146 shares of the bank’s stock valued at $778,000 after acquiring an additional 142 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BMO shares. Cibc World Mkts raised Bank Of Montreal from a “hold” rating to a “strong-buy” rating in a report on Friday, September 5th. CIBC upgraded shares of Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a research note on Friday, September 5th. Scotiabank reissued a “sector perform” rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. National Bankshares reaffirmed an “outperform” rating on shares of Bank Of Montreal in a report on Friday, August 15th. Finally, Royal Bank Of Canada lowered shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $168.00 to $163.00 in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $163.00.

Bank Of Montreal Price Performance

Shares of Bank Of Montreal stock opened at $123.57 on Friday. The stock has a market capitalization of $88.03 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 1.28 and a beta of 1.04. The firm’s 50-day moving average price is $126.80 and its two-hundred day moving average price is $114.67. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a 1-year low of $85.40 and a 1-year high of $131.36.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.21. The company had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $8.84 billion. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. Bank Of Montreal’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.64 earnings per share. On average, equities 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 an increase 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 5.3%. The ex-dividend date of this dividend is Thursday, October 30th. Bank Of Montreal’s payout ratio is presently 57.28%.

About Bank Of Montreal

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.