Banque Pictet & Cie SA raised its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 12.0% during the second quarter, Holdings Channel reports. The institutional investor owned 135,543 shares of the bank’s stock after purchasing an additional 14,493 shares during the quarter. Banque Pictet & Cie SA’s holdings in Bank of Montreal were worth $10,471,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. AdvisorNet Financial Inc increased its holdings in shares of Bank of Montreal by 148.1% in the 2nd quarter. AdvisorNet Financial Inc now owns 1,526 shares of the bank’s stock worth $118,000 after buying an additional 911 shares during the last quarter. Perigon Wealth Management LLC increased its holdings in shares of Bank of Montreal by 71.3% in the 1st quarter. Perigon Wealth Management LLC now owns 1,728 shares of the bank’s stock worth $131,000 after buying an additional 719 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of Bank of Montreal in the 2nd quarter worth $155,000. Lee Financial Co increased its holdings in shares of Bank of Montreal by 1,050.0% in the 1st quarter. Lee Financial Co now owns 2,300 shares of the bank’s stock worth $174,000 after buying an additional 2,100 shares during the last quarter. Finally, Clearwater Capital Advisors LLC bought a new position in shares of Bank of Montreal in the 1st quarter worth $185,000. 42.84% of the stock is currently owned by hedge funds and other institutional investors.
BMO stock opened at $81.05 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.17 and a current ratio of 1.17. Bank of Montreal has a 52 week low of $71.37 and a 52 week high of $84.71. The firm has a market cap of $51.93 billion, a P/E ratio of 13.05, a price-to-earnings-growth ratio of 1.53 and a beta of 1.07.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Wednesday, May 30th. The bank reported $2.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.67 by $0.53. Bank of Montreal had a net margin of 16.37% and a return on equity of 14.38%. The company had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same quarter last year, the firm earned $1.92 EPS. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. research analysts expect that Bank of Montreal will post 6.85 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 28th. Investors of record on Wednesday, August 1st will be issued a dividend of $0.747 per share. This represents a $2.99 annualized dividend and a dividend 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%.
A number of brokerages have recently commented on BMO. Zacks Investment Research lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. ValuEngine lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. BMO Capital Markets raised shares of Bank of Montreal to a “$78.97” rating in a report on Wednesday, July 18th. Royal Bank of Canada raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Wednesday, July 18th. Finally, National Bank Financial raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 31st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Bank of Montreal presently has a consensus rating of “Buy” and an average target price of $101.00.
About Bank of Montreal
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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