Sawtooth Solutions LLC Increases Position in Bank of Montreal (BMO)

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Sawtooth Solutions LLC lifted its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 91.8% in the second quarter, HoldingsChannel.com reports. The firm owned 6,255 shares of the bank’s stock after buying an additional 2,993 shares during the period. Sawtooth Solutions LLC’s holdings in Bank of Montreal were worth $483,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BMO. Beutel Goodman & Co Ltd. boosted its holdings in shares of Bank of Montreal by 5,646.1% in the second quarter. Beutel Goodman & Co Ltd. now owns 6,276,187 shares of the bank’s stock valued at $485,226,000 after purchasing an additional 6,166,961 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Bank of Montreal by 43.0% in the second quarter. Toronto Dominion Bank now owns 13,516,956 shares of the bank’s stock valued at $1,048,839,000 after purchasing an additional 4,067,728 shares during the period. OMERS ADMINISTRATION Corp boosted its holdings in shares of Bank of Montreal by 22.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,480,512 shares of the bank’s stock valued at $413,701,000 after purchasing an additional 1,016,130 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Bank of Montreal by 10.6% in the first quarter. CIBC Asset Management Inc now owns 10,250,862 shares of the bank’s stock valued at $773,153,000 after purchasing an additional 986,434 shares during the period. Finally, CIBC World Markets Inc. boosted its holdings in shares of Bank of Montreal by 7.2% in the first quarter. CIBC World Markets Inc. now owns 12,418,594 shares of the bank’s stock valued at $938,473,000 after purchasing an additional 831,633 shares during the period. Hedge funds and other institutional investors own 43.13% of the company’s stock.

Bank of Montreal stock opened at $83.13 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.14. The firm has a market cap of $52.51 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.55 and a beta of 1.07. Bank of Montreal has a twelve month low of $71.37 and a twelve month high of $84.71.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, May 30th. The bank reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.53. The company had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.38 billion. Bank of Montreal had a return on equity of 14.38% and a net margin of 16.37%. Bank of Montreal’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.92 earnings per share. analysts anticipate that Bank of Montreal will post 6.85 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Thursday, November 1st will be issued a dividend of $0.7386 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a yield of 3.55%. Bank of Montreal’s dividend payout ratio is currently 47.28%.

A number of brokerages recently issued reports on BMO. Canaccord Genuity upgraded Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. Royal Bank of Canada upgraded 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. BMO Capital Markets upgraded Bank of Montreal to a “$78.97” rating in a report on Wednesday, July 18th. Finally, ValuEngine lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus 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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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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