Mawer Investment Management Ltd. reduced its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 0.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,919,648 shares of the bank’s stock after selling 27,785 shares during the period. Bank of Montreal accounts for about 1.8% of Mawer Investment Management Ltd.’s investment portfolio, making the stock its 15th biggest holding. Mawer Investment Management Ltd.’s holdings in Bank of Montreal were worth $225,869,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Beutel Goodman & Co Ltd. grew its holdings in Bank of Montreal by 5,646.1% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 6,276,187 shares of the bank’s stock worth $485,226,000 after acquiring an additional 6,166,961 shares in the last quarter. Toronto Dominion Bank grew its holdings in Bank of Montreal by 43.0% during the 2nd quarter. Toronto Dominion Bank now owns 13,516,956 shares of the bank’s stock worth $1,048,839,000 after acquiring an additional 4,067,728 shares in the last quarter. OMERS ADMINISTRATION Corp grew its holdings in Bank of Montreal by 22.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 5,480,512 shares of the bank’s stock worth $413,701,000 after acquiring an additional 1,016,130 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Bank of Montreal by 10.6% during the 1st quarter. CIBC Asset Management Inc now owns 10,250,862 shares of the bank’s stock worth $773,153,000 after acquiring an additional 986,434 shares in the last quarter. Finally, CIBC World Markets Inc. grew its holdings in Bank of Montreal by 7.2% during the 1st quarter. CIBC World Markets Inc. now owns 12,418,594 shares of the bank’s stock worth $938,473,000 after acquiring an additional 831,633 shares in the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.
BMO has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Bank of Montreal from a “sell” rating to a “buy” rating and set a $85.00 target price for the company in a report on Tuesday, May 1st. ValuEngine cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. National Bank Financial upgraded shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 31st. Royal Bank of Canada upgraded shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and set a $120.00 target price for the company in a report on Wednesday, July 18th. Finally, BMO Capital Markets upgraded shares of Bank of Montreal to a “$78.97” rating in a report on Wednesday, July 18th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $101.00.
Shares of NYSE:BMO opened at $81.06 on Monday. The firm has a market cap of $50.50 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.35 and a beta of 1.07. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.14. Bank of Montreal has a 1-year low of $71.37 and a 1-year high of $84.71.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Wednesday, May 30th. The bank reported $2.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.53. The firm had revenue of $5.62 billion during the quarter, compared to analysts’ expectations of $5.38 billion. Bank of Montreal had a net margin of 16.37% and a return on equity of 14.38%. Bank of Montreal’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.92 EPS. research analysts expect that Bank of Montreal will post 6.95 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 28th. Investors of record on Wednesday, August 1st will be paid a dividend of $0.747 per share. This represents a $2.99 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Tuesday, July 31st. Bank of Montreal’s dividend payout ratio is currently 47.28%.
Bank of Montreal Profile
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.
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