Cambridge Investment Research Advisors Inc. reduced its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 19.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,900 shares of the bank’s stock after selling 3,442 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Bank of Montreal were worth $1,074,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Ronna Sue Cohen grew its stake in shares of Bank of Montreal by 1.8% in the second quarter. Ronna Sue Cohen now owns 35,814 shares of the bank’s stock worth $2,630,000 after acquiring an additional 640 shares during the period. Mainstay Capital Management LLC ADV grew its stake in shares of Bank of Montreal by 2.6% in the first quarter. Mainstay Capital Management LLC ADV now owns 25,089 shares of the bank’s stock worth $1,896,000 after acquiring an additional 642 shares during the period. Legacy Capital Partners Inc. grew its stake in shares of Bank of Montreal by 1.0% in the second quarter. Legacy Capital Partners Inc. now owns 67,287 shares of the bank’s stock worth $5,199,000 after acquiring an additional 650 shares during the period. Perigon Wealth Management LLC grew its stake in shares of Bank of Montreal by 71.3% in the first quarter. Perigon Wealth Management LLC now owns 1,728 shares of the bank’s stock worth $131,000 after acquiring an additional 719 shares during the period. Finally, Hugh Johnson Advisors LLC grew its stake in shares of Bank of Montreal by 11.9% in the second quarter. Hugh Johnson Advisors LLC now owns 7,330 shares of the bank’s stock worth $566,000 after acquiring an additional 782 shares during the period. Institutional investors and hedge funds own 43.11% of the company’s stock.
BMO traded down $0.84 during trading hours on Friday, hitting $81.58. The company’s stock had a trading volume of 551,297 shares, compared to its average volume of 399,781. Bank of Montreal has a 12 month low of $73.79 and a 12 month high of $84.71. The stock has a market capitalization of $52.81 billion, a PE ratio of 13.07, a P/E/G ratio of 1.44 and a beta of 1.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.16 and a current ratio of 1.16.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 28th. The bank reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.07. Bank of Montreal had a net margin of 16.17% and a return on equity of 14.75%. The company had revenue of $4.51 billion for the quarter, compared to analysts’ expectations of $4.45 billion. As a group, research analysts forecast that Bank of Montreal will post 6.93 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Thursday, November 1st will be given a dividend of $0.7386 per share. This represents a $2.95 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Wednesday, October 31st. Bank of Montreal’s dividend payout ratio (DPR) is 47.28%.
Several analysts recently issued reports on the stock. Canaccord Genuity raised shares of Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. BMO Capital Markets raised shares of Bank of Montreal to a “$78.97” rating in a report on Wednesday, July 18th. Zacks Investment Research downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Finally, Royal Bank of Canada raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Wednesday, July 18th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Bank of Montreal presently has a consensus rating of “Buy” and a consensus price target of $101.00.
About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, 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, and specialized banking programs for small business and commercial banking customers.
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