The Manufacturers Life Insurance Company raised its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 13.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,134,272 shares of the bank’s stock after acquiring an additional 374,747 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.48% of Bank Of Montreal worth $229,733,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. CGOV Asset Management lifted its stake in shares of Bank Of Montreal by 13.1% during the 1st quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock worth $857,000 after buying an additional 1,000 shares during the last quarter. BNP Paribas Arbitrage SA bought a new position in Bank Of Montreal during the first quarter worth about $121,000. OppenheimerFunds Inc. increased its position in Bank Of Montreal by 14.6% during the first quarter. OppenheimerFunds Inc. now owns 34,380 shares of the bank’s stock worth $2,571,000 after acquiring an additional 4,390 shares during the period. FMR LLC increased its position in Bank Of Montreal by 0.9% during the first quarter. FMR LLC now owns 1,527,430 shares of the bank’s stock worth $114,087,000 after acquiring an additional 12,910 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Bank Of Montreal by 3.2% during the first quarter. PNC Financial Services Group Inc. now owns 23,110 shares of the bank’s stock worth $1,730,000 after acquiring an additional 706 shares during the period. Hedge funds and other institutional investors own 42.74% of the company’s stock.
Bank Of Montreal (BMO) traded down 0.06% during midday trading on Tuesday, reaching $77.85. 112,299 shares of the company traded hands. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.28. The stock’s 50 day moving average is $75.10 and its 200 day moving average is $73.04. The company has a market capitalization of $50.52 billion, a price-to-earnings ratio of 11.64 and a beta of 1.04.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the business posted $1.94 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Bank Of Montreal will post $6.46 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be paid a $0.717 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a yield of 3.68%. Bank Of Montreal’s dividend payout ratio (DPR) is 46.91%.
Bank Of Montreal declared that its Board of Directors has authorized a share repurchase plan on Friday, June 23rd that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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Several equities analysts have commented on BMO shares. BidaskClub raised shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Scotiabank reissued a “buy” rating and issued a $101.00 target price on shares of Bank Of Montreal in a report on Wednesday, August 30th. Canaccord Genuity initiated coverage on shares of Bank Of Montreal in a report on Tuesday, July 18th. They set a “hold” rating on the stock. Finally, Zacks Investment Research raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Tuesday, July 18th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Bank Of Montreal has a consensus rating of “Hold” and a consensus target price of $99.00.
About Bank Of Montreal
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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