Bank Of Montreal (BMO) Holdings Trimmed by Private Advisor Group LLC
Private Advisor Group LLC trimmed its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 39.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,828 shares of the bank’s stock after selling 3,135 shares during the period. Private Advisor Group LLC’s holdings in Bank Of Montreal were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. boosted its stake in Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock valued at $103,000 after acquiring an additional 23 shares in the last quarter. IFP Advisors Inc boosted its stake in Bank Of Montreal by 11.5% in the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock valued at $118,000 after acquiring an additional 166 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in Bank Of Montreal in the first quarter valued at approximately $121,000. Parallel Advisors LLC boosted its stake in Bank Of Montreal by 5.0% in the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock valued at $145,000 after acquiring an additional 99 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its stake in Bank Of Montreal by 38.7% in the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock valued at $160,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 42.76% of the company’s stock.
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Bank Of Montreal (NYSE:BMO) opened at 74.69 on Tuesday. The firm has a 50 day moving average of $73.78 and a 200-day moving average of $72.94. The stock has a market cap of $48.47 billion, a PE ratio of 11.50 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.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its 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). 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 during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the previous year, the company posted $1.94 EPS. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, analysts expect that Bank Of Montreal will post $6.60 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be issued a $0.717 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.87 annualized dividend and a dividend yield of 3.84%. Bank Of Montreal’s dividend payout ratio is presently 45.28%.
Bank Of Montreal announced that its Board of Directors has authorized a share buyback program on Friday, June 23rd that allows the company to buyback 4,000,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Several brokerages have weighed in on BMO. Royal Bank Of Canada lowered their target price on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research note on Thursday, May 25th. BidaskClub upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Scotiabank restated a “buy” rating and issued a $101.00 target price on shares of Bank Of Montreal in a research note on Wednesday, August 30th. Canaccord Genuity began coverage on shares of Bank Of Montreal in a research note on Tuesday, July 18th. They issued a “hold” rating for the company. Finally, Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $97.20.
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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