Public Sector Pension investment Board Purchases 1,282,000 Shares of Bank Of Montreal (BMO)
Public Sector Pension investment Board boosted its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 13,359.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,291,596 shares of the bank’s stock after purchasing an additional 1,282,000 shares during the quarter. Bank Of Montreal comprises 0.8% of Public Sector Pension investment Board’s holdings, making the stock its 15th biggest position. Public Sector Pension investment Board owned approximately 0.20% of Bank Of Montreal worth $94,699,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. lifted its position in Bank Of Montreal by 1.1% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock valued at $102,000 after purchasing an additional 15 shares during the last quarter. IFP Advisors Inc lifted its position in Bank Of Montreal by 11.5% in the 2nd quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock valued at $118,000 after purchasing an additional 166 shares during the last quarter. BNP Paribas Arbitrage SA bought a new stake in Bank Of Montreal in the 1st quarter valued at about $121,000. Parallel Advisors LLC lifted its position in Bank Of Montreal by 5.0% in the 1st quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock valued at $145,000 after purchasing an additional 99 shares during the last quarter. Finally, IHT Wealth Management LLC lifted its position in Bank Of Montreal by 38.7% in the 1st quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock valued at $160,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 42.76% of the company’s stock.
Bank Of Montreal (BMO) traded down 0.04% during mid-day trading on Wednesday, hitting $74.96. 112,570 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $73.75 and a 200 day moving average of $72.93. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The stock has a market capitalization of $48.65 billion, a P/E ratio of 11.54 and a beta of 1.03.
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 Thomson Reuters’ consensus estimate of $1.57 by ($0.04). The company had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.52 billion. Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $1.94 EPS. Equities analysts forecast that Bank Of Montreal will post $6.60 earnings per share 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 given a dividend of $0.717 per share. This is an increase 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 yield of 3.82%. Bank Of Montreal’s dividend payout ratio is 45.28%.
Bank Of Montreal declared that its Board of Directors has initiated a stock buyback program on Friday, June 23rd that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, July 18th. Canaccord Genuity initiated coverage on shares of Bank Of Montreal in a research report on Tuesday, July 18th. They set a “hold” rating on the stock. BidaskClub downgraded shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Scotiabank restated a “buy” rating and set a $101.00 price target on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Finally, Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus 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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