Bank of Nova Scotia Sells 1,248,285 Shares of Bank Of Montreal $BMO

Bank of Nova Scotia lessened its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 16.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,373,601 shares of the bank’s stock after selling 1,248,285 shares during the period. Bank Of Montreal comprises about 1.5% of Bank of Nova Scotia’s investment portfolio, making the stock its 13th biggest holding. Bank of Nova Scotia’s holdings in Bank Of Montreal were worth $830,610,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in Bank Of Montreal by 87.1% in the 1st quarter. AQR Capital Management LLC now owns 5,742 shares of the bank’s stock worth $548,000 after acquiring an additional 2,673 shares during the last quarter. Savant Capital LLC boosted its stake in Bank Of Montreal by 64.3% during the 2nd quarter. Savant Capital LLC now owns 6,348 shares of the bank’s stock valued at $702,000 after purchasing an additional 2,485 shares during the last quarter. AE Wealth Management LLC increased its holdings in shares of Bank Of Montreal by 7.3% in the 2nd quarter. AE Wealth Management LLC now owns 3,182 shares of the bank’s stock worth $352,000 after purchasing an additional 216 shares in the last quarter. Prospera Financial Services Inc raised its stake in shares of Bank Of Montreal by 11.5% in the second quarter. Prospera Financial Services Inc now owns 3,383 shares of the bank’s stock worth $374,000 after purchasing an additional 348 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Bank Of Montreal by 16.7% during the second quarter. Allworth Financial LP now owns 2,027 shares of the bank’s stock valued at $224,000 after purchasing an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BMO. Raymond James Financial raised Bank Of Montreal from a “market perform” rating to an “outperform” rating in a research report on Friday, February 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank Of Montreal in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Scotiabank reiterated a “sector perform” rating on shares of Bank Of Montreal in a research note on Friday, January 9th. Finally, National Bank Financial reissued a “sector perform” rating on shares of Bank Of Montreal in a report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.00.

Bank Of Montreal Stock Performance

Shares of BMO opened at $135.57 on Friday. The firm has a market capitalization of $95.75 billion, a P/E ratio of 15.75, a PEG ratio of 0.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. Bank Of Montreal has a one year low of $85.40 and a one year high of $149.01. The business has a fifty day moving average of $139.81 and a 200 day moving average of $131.32.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, February 25th. The bank reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $7.21 billion for the quarter, compared to the consensus estimate of $6.73 billion. Bank Of Montreal had a return on equity of 12.16% and a net margin of 11.76%.Bank Of Montreal’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.04 earnings per share. As a group, sell-side analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Wednesday, April 29th will be issued a $1.67 dividend. The ex-dividend date of this dividend is Wednesday, April 29th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.9%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 56.79%.

About Bank Of Montreal

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.