Bank Of Montreal (BMO) Stake Decreased by Comerica Bank
Comerica Bank decreased its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 5.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,166 shares of the bank’s stock after selling 2,291 shares during the quarter. Comerica Bank’s holdings in Bank Of Montreal were worth $2,861,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Bronfman E.L. Rothschild L.P. boosted its position in shares of Bank Of Montreal by 1.7% in the 1st 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 in the last quarter. IFP Advisors Inc boosted its position in shares of Bank Of Montreal by 11.5% in the 2nd quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock worth $118,000 after purchasing an additional 166 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in shares of Bank Of Montreal in the 1st quarter worth $121,000. Parallel Advisors LLC boosted its position in shares of Bank Of Montreal by 5.0% in the 1st quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock worth $145,000 after purchasing an additional 99 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its position in shares of Bank Of Montreal by 38.7% in the 1st quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock worth $160,000 after purchasing an additional 600 shares in the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank Of Montreal (BMO) opened at 72.25 on Monday. The firm has a market cap of $48.88 billion, a PE ratio of 11.21 and a beta of 1.03. Bank Of Montreal has a 12 month low of $62.32 and a 12 month high of $78.00. The firm’s 50-day moving average price is $74.50 and its 200-day moving average price is $73.19.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by $0.04. The firm had revenue of $5.46 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.94 EPS. Analysts expect that Bank Of Montreal will post $6.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be issued a dividend of $0.717 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.87 annualized dividend and a dividend yield of 3.97%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 45.28%.
Bank Of Montreal declared that its Board of Directors has initiated a stock repurchase program on Friday, June 23rd that permits the company to buyback 4,000,000 outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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A number of research firms have recently weighed in on BMO. 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 research report on Tuesday, July 18th. Canaccord Genuity began coverage on Bank Of Montreal in a research report on Tuesday, July 18th. They issued a “hold” rating for the company. BidaskClub cut Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Scotiabank reissued a “buy” rating and issued a $101.00 price objective on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $97.20.
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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