K.J. Harrison & Partners Inc Boosts Holdings in Bank Of Montreal $BMO

K.J. Harrison & Partners Inc raised its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 32.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,488 shares of the bank’s stock after purchasing an additional 12,785 shares during the quarter. Bank Of Montreal accounts for approximately 1.0% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 29th biggest holding. K.J. Harrison & Partners Inc’s holdings in Bank Of Montreal were worth $5,806,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. State of Wyoming boosted its stake in shares of Bank Of Montreal by 237.4% during the 1st quarter. State of Wyoming now owns 14,254 shares of the bank’s stock worth $1,361,000 after acquiring an additional 10,029 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Bank Of Montreal by 66.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank’s stock worth $351,154,000 after purchasing an additional 1,469,084 shares during the last quarter. Code Waechter LLC acquired a new position in shares of Bank Of Montreal during the 1st quarter worth about $282,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Bank Of Montreal during the 1st quarter worth about $1,886,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Bank Of Montreal by 0.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 464,123 shares of the bank’s stock worth $44,328,000 after purchasing an additional 3,403 shares during the last quarter. 45.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BMO shares. Royal Bank Of Canada downgraded shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $168.00 to $163.00 in a research report on Friday, October 3rd. National Bankshares restated an “outperform” rating on shares of Bank Of Montreal in a research report on Friday, August 15th. Cibc World Mkts upgraded shares of Bank Of Montreal from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 5th. Wall Street Zen downgraded shares of Bank Of Montreal from a “hold” rating to a “sell” rating in a report on Saturday, August 30th. Finally, CIBC upgraded shares of Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Bank Of Montreal Stock Up 0.5%

BMO stock opened at $124.23 on Monday. The firm has a 50-day moving average of $126.31 and a two-hundred day moving average of $113.91. The company has a market cap of $88.50 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.28 and a beta of 1.03. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a 12 month low of $85.40 and a 12 month high of $131.36.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.21. The business had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The business’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.64 EPS. As a group, analysts forecast that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, October 30th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.18. Bank Of Montreal’s payout ratio is 58.02%.

Bank Of Montreal Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.