PNC Financial Services Group Inc. lessened its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 11.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,474 shares of the bank’s stock after selling 2,636 shares during the period. PNC Financial Services Group Inc.’s holdings in Bank Of Montreal were worth $1,504,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. TD Asset Management Inc. boosted its holdings in shares of Bank Of Montreal by 1.5% during the 2nd quarter. TD Asset Management Inc. now owns 25,134,177 shares of the bank’s stock valued at $1,842,821,000 after buying an additional 383,382 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Bank Of Montreal by 3.1% during the 1st quarter. Bank of Nova Scotia now owns 16,561,393 shares of the bank’s stock valued at $1,237,062,000 after buying an additional 490,813 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Bank Of Montreal by 5.4% during the 2nd quarter. Acadian Asset Management LLC now owns 7,292,805 shares of the bank’s stock valued at $534,707,000 after buying an additional 372,000 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Bank Of Montreal by 7.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 5,707,527 shares of the bank’s stock valued at $417,991,000 after buying an additional 379,748 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Bank Of Montreal by 1,053.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,060,416 shares of the bank’s stock valued at $224,388,000 after buying an additional 2,795,116 shares in the last quarter. Hedge funds and other institutional investors own 42.74% of the company’s stock.

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Bank Of Montreal (BMO) opened at 77.00 on Friday. The stock has a market cap of $49.97 billion, a price-to-earnings ratio of 11.51 and a beta of 1.04. The stock has a 50 day moving average price of $74.31 and a 200 day moving average price of $72.93. Bank Of Montreal has a 52-week low of $62.32 and a 52-week high of $78.00.

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 for the quarter, missing the consensus estimate of $1.57 by ($0.04). The business had revenue of $5.46 billion during 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%. Bank Of Montreal’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.94 EPS. Analysts expect that Bank Of Montreal will post $6.51 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be issued a $0.717 dividend. This represents a $2.87 annualized dividend and a yield of 3.72%. 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 (DPR) is currently 46.91%.

Bank Of Montreal announced that its Board of Directors has authorized a stock repurchase program on Friday, June 23rd that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

A number of analysts have recently commented on BMO shares. Scotiabank restated a “buy” rating and set a $101.00 target price on shares of Bank Of Montreal in a report on Wednesday, August 30th. BidaskClub upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Tuesday, July 18th. Finally, Canaccord Genuity began coverage on Bank Of Montreal in a research report on Tuesday, July 18th. They issued a “hold” rating for the company. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Bank Of Montreal currently has a consensus rating of “Hold” and a consensus price target of $99.00.

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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Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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