28,000 Bank Of Montreal $BMO Shares Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. raised its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 9.5% during the 3rd quarter, Holdings Channel reports. The firm owned 322,015 shares of the bank’s stock after acquiring an additional 28,000 shares during the quarter. Bank Of Montreal comprises about 2.6% of Cidel Asset Management Inc.’s holdings, making the stock its 5th biggest position. Cidel Asset Management Inc.’s holdings in Bank Of Montreal were worth $53,974,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Bank Of Montreal in the second quarter valued at approximately $28,000. Western Wealth Management LLC acquired a new position in shares of Bank Of Montreal during the 1st quarter worth approximately $38,000. Highland Investment Advisors LLC acquired a new position in shares of Bank Of Montreal during the 2nd quarter worth approximately $63,000. Virtus Advisers LLC purchased a new stake in Bank Of Montreal in the 2nd quarter valued at approximately $95,000. Finally, Eastern Bank purchased a new stake in Bank Of Montreal in the 2nd quarter valued at approximately $88,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on BMO shares. TD Securities reissued a “buy” rating on shares of Bank Of Montreal in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce downgraded Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, August 18th. Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Weiss Ratings cut Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $244.00.

Bank Of Montreal Stock Performance

Shares of BMO stock opened at $171.15 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $118.96 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95. Bank Of Montreal has a one year low of $119.84 and a one year high of $187.22. The company has a 50 day moving average price of $170.42 and a 200 day moving average price of $159.87.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.13. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.94 billion. During the same quarter last year, the firm earned $3.23 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that Bank Of Montreal will post 10.65 EPS for the current year.

Bank Of Montreal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be issued a C$1.71 dividend. The ex-dividend date is Friday, October 30th. This represents a $6.84 annualized dividend and a yield of 4.0%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 54.29%.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.