JPMorgan Chase & Co. Increases Position in Bank of Montreal (BMO)

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JPMorgan Chase & Co. increased its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,457,788 shares of the bank’s stock after acquiring an additional 91,566 shares during the quarter. JPMorgan Chase & Co.’s holdings in Bank of Montreal were worth $109,072,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Naples Global Advisors LLC increased its position in Bank of Montreal by 1.0% during the fourth quarter. Naples Global Advisors LLC now owns 17,092 shares of the bank’s stock worth $1,194,000 after acquiring an additional 165 shares during the period. Crossmark Global Holdings Inc. increased its position in Bank of Montreal by 0.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 59,073 shares of the bank’s stock worth $3,860,000 after acquiring an additional 184 shares during the period. Ferguson Wellman Capital Management Inc. increased its position in Bank of Montreal by 1.5% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 13,260 shares of the bank’s stock worth $992,000 after acquiring an additional 190 shares during the period. Quadrant Capital Group LLC increased its position in Bank of Montreal by 5.2% during the first quarter. Quadrant Capital Group LLC now owns 3,832 shares of the bank’s stock worth $283,000 after acquiring an additional 190 shares during the period. Finally, FDx Advisors Inc. increased its position in Bank of Montreal by 5.2% during the fourth quarter. FDx Advisors Inc. now owns 4,254 shares of the bank’s stock worth $278,000 after acquiring an additional 210 shares during the period. 42.18% of the stock is currently owned by institutional investors and hedge funds.

BMO has been the topic of a number of research reports. Bank of America lowered shares of Bank of Montreal from a “neutral” rating to an “underperform” rating in a research report on Monday, January 28th. ValuEngine raised shares of Bank of Montreal from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Zacks Investment Research raised shares of Bank of Montreal from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Monday, March 4th. Finally, Barclays reissued a “hold” rating on shares of Bank of Montreal in a report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $105.33.

Shares of Bank of Montreal stock opened at $75.57 on Friday. The firm has a market capitalization of $49.47 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 2.26 and a beta of 1.18. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. Bank of Montreal has a 52-week low of $62.79 and a 52-week high of $84.36.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, February 26th. The bank reported $1.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.70 by $0.06. The firm had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.61 billion. Bank of Montreal had a net margin of 17.43% and a return on equity of 14.89%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.12 EPS. Analysts expect that Bank of Montreal will post 7.07 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Wednesday, May 1st will be issued a $0.762 dividend. This represents a $3.05 annualized dividend and a yield of 4.03%. The ex-dividend date is Tuesday, April 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $0.75. Bank of Montreal’s payout ratio is 42.78%.

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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, 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, as well as wealth management products and services, such as insurance products.

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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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