Baltimore Capital Management Inc. Trims Position in Bank Of Montreal (BMO)
Baltimore Capital Management Inc. cut its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 15.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,360 shares of the bank’s stock after selling 4,800 shares during the quarter. Bank Of Montreal accounts for 2.8% of Baltimore Capital Management Inc.’s investment portfolio, making the stock its 11th biggest holding. Baltimore Capital Management Inc.’s holdings in Bank Of Montreal were worth $1,936,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. raised its holdings in Bank Of Montreal by 1.7% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock worth $103,000 after purchasing an additional 23 shares during the last quarter. IFP Advisors Inc raised its holdings in Bank Of Montreal by 11.5% during the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock worth $118,000 after purchasing an additional 166 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new position in Bank Of Montreal during the first quarter worth $121,000. Parallel Advisors LLC raised its holdings in Bank Of Montreal by 5.0% during the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock worth $145,000 after purchasing an additional 99 shares during the last quarter. Finally, IHT Wealth Management LLC raised its holdings in Bank Of Montreal by 38.7% during the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock worth $160,000 after purchasing an additional 600 shares during the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on BMO shares. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, July 18th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. They noted that the move was a valuation call. BidaskClub raised Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Finally, Scotiabank reaffirmed a “buy” rating and set a $101.00 price objective on shares of Bank Of Montreal in a report on Wednesday, August 30th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $97.20.
Bank Of Montreal (NYSE BMO) traded up 0.64% during trading on Monday, hitting $72.25. The stock had a trading volume of 347,878 shares. The firm’s 50-day moving average price is $74.50 and its 200-day moving average price is $73.19. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The stock has a market cap of $48.88 billion, a PE ratio of 11.21 and a beta of 1.03.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data 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 company had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the company posted $1.94 EPS. Bank Of Montreal’s revenue was down 3.1% on a year-over-year basis. On average, equities research analysts predict that Bank Of Montreal will post $6.44 earnings per share for the current fiscal year.
Bank Of Montreal announced that its Board of Directors has approved a share repurchase plan on Friday, June 23rd that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.717 per share. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. Bank Of Montreal’s dividend payout ratio is 45.28%.
Bank Of Montreal Company Profile
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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