Bank Of Montreal (BMO) Shares Bought by JPMorgan Chase & Co.
JPMorgan Chase & Co. grew its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 50.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 719,500 shares of the bank’s stock after acquiring an additional 241,812 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.11% of Bank Of Montreal worth $52,841,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of BMO. CGOV Asset Management increased its holdings in shares of Bank Of Montreal by 13.1% in the 1st quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock valued at $857,000 after acquiring an additional 1,000 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Bank Of Montreal by 15.4% in the 1st quarter. First Trust Advisors LP now owns 240,587 shares of the bank’s stock valued at $17,994,000 after acquiring an additional 32,118 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Bank Of Montreal by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,054,418 shares of the bank’s stock valued at $78,859,000 after acquiring an additional 36,835 shares during the last quarter. Suntrust Banks Inc. increased its holdings in shares of Bank Of Montreal by 0.4% in the 1st quarter. Suntrust Banks Inc. now owns 18,747 shares of the bank’s stock valued at $1,401,000 after acquiring an additional 81 shares during the last quarter. Finally, BNP Paribas Arbitrage SA bought a new stake in shares of Bank Of Montreal in the 1st quarter valued at approximately $121,000. Institutional investors and hedge funds own 42.77% of the company’s stock.
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Bank Of Montreal (NYSE:BMO) opened at 75.08 on Wednesday. The company has a market capitalization of $50.80 billion, a P/E ratio of 11.65 and a beta of 1.03. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The company’s 50-day moving average price is $73.98 and its 200-day moving average price is $72.98.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results 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 company had revenue of $5.46 billion during the quarter, compared to the consensus estimate of $5.52 billion. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.94 earnings per share. On average, equities analysts forecast that Bank Of Montreal will post $6.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be paid a $0.717 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Tuesday, October 31st. Bank Of Montreal’s payout ratio is 45.28%.
Bank Of Montreal announced that its Board of Directors has initiated a stock repurchase plan on Friday, June 23rd that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
A number of brokerages have recently weighed in on BMO. Zacks Investment Research upgraded Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, July 18th. Canaccord Genuity began coverage on Bank Of Montreal in a report on Tuesday, July 18th. They issued a “hold” rating for the company. BidaskClub downgraded Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Scotiabank reiterated a “buy” rating and issued a $101.00 price target on shares of Bank Of Montreal in a report on Wednesday, August 30th. Finally, Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Bank Of Montreal 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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