Federated Hermes Inc. Sells 33,596 Shares of Bank Of Montreal $BMO

Federated Hermes Inc. cut its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,189,093 shares of the bank’s stock after selling 33,596 shares during the period. Federated Hermes Inc. owned 0.17% of Bank Of Montreal worth $154,879,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Bank Of Montreal by 18.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 739,598 shares of the bank’s stock worth $82,015,000 after purchasing an additional 114,458 shares during the period. Addenda Capital Inc. boosted its holdings in Bank Of Montreal by 9.5% during the third quarter. Addenda Capital Inc. now owns 734,616 shares of the bank’s stock worth $95,684,000 after buying an additional 63,432 shares during the last quarter. JCIC Asset Management Inc. bought a new position in Bank Of Montreal during the third quarter worth about $7,939,000. CIBC Asset Management Inc grew its position in shares of Bank Of Montreal by 17.3% during the 3rd quarter. CIBC Asset Management Inc now owns 7,260,160 shares of the bank’s stock worth $949,441,000 after buying an additional 1,070,546 shares during the period. Finally, Lorne Steinberg Wealth Management Inc. increased its stake in shares of Bank Of Montreal by 24.1% in the 2nd quarter. Lorne Steinberg Wealth Management Inc. now owns 92,014 shares of the bank’s stock valued at $10,204,000 after acquiring an additional 17,883 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BMO. Scotiabank reissued a “sector perform” rating on shares of Bank Of Montreal in a research note on Friday, January 9th. Wall Street Zen raised shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Natl Bk Canada cut shares of Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank Of Montreal in a research note on Monday, December 29th. Finally, TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $163.00.

Bank Of Montreal Trading Up 0.9%

Shares of NYSE:BMO opened at $138.03 on Wednesday. The firm has a market cap of $97.66 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 1.13 and a beta of 0.94. Bank Of Montreal has a 12 month low of $85.40 and a 12 month high of $139.00. The company’s fifty day simple moving average is $130.27 and its 200 day simple moving average is $124.72. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Thursday, December 4th. The bank reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.20. The firm had revenue of $6.67 billion during the quarter, compared to analysts’ expectations of $6.51 billion. Bank Of Montreal had a return on equity of 11.76% and a net margin of 11.13%.The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.90 EPS. As a group, research analysts forecast that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Friday, January 30th will be issued a dividend of $1.67 per share. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.63. This represents a $6.68 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, January 30th. Bank Of Montreal’s payout ratio is 59.56%.

Bank Of Montreal Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.