SVA Plumb Wealth Management LLC lifted its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 26.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,650 shares of the bank’s stock after acquiring an additional 1,823 shares during the quarter. SVA Plumb Wealth Management LLC’s holdings in Bank Of Montreal were worth $635,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BMO. CGOV Asset Management boosted its holdings in shares of Bank Of Montreal by 13.1% during the 1st quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock valued at $857,000 after acquiring an additional 1,000 shares in the last quarter. First Trust Advisors LP lifted its holdings in Bank Of Montreal by 15.4% during the 1st quarter. First Trust Advisors LP now owns 240,587 shares of the bank’s stock worth $17,994,000 after buying an additional 32,118 shares during the period. Bank of New York Mellon Corp lifted its holdings in Bank Of Montreal by 3.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,054,418 shares of the bank’s stock worth $78,859,000 after buying an additional 36,835 shares during the period. Suntrust Banks Inc. lifted its holdings in Bank Of Montreal by 0.4% during the 1st quarter. Suntrust Banks Inc. now owns 18,747 shares of the bank’s stock worth $1,401,000 after buying an additional 81 shares during the period. Finally, BNP Paribas Arbitrage SA acquired a new position in Bank Of Montreal during the 1st quarter worth about $121,000. 42.77% of the stock is currently owned by institutional investors.
Several research analysts have commented on BMO shares. Zacks Investment Research raised Bank Of Montreal from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Royal Bank Of Canada cut their target price on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a report on Thursday, May 25th. Finally, TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Bank Of Montreal presently has an average rating of “Hold” and an average price target of $97.20.
Shares of Bank Of Montreal (NYSE:BMO) traded up 0.28% on Tuesday, hitting $75.20. The stock had a trading volume of 159,813 shares. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The firm has a 50 day moving average of $73.95 and a 200-day moving average of $72.97. The firm has a market capitalization of $50.88 billion, a price-to-earnings ratio of 11.67 and a beta of 1.03.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The firm had revenue of $5.46 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the prior year, the company posted $1.94 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts predict that Bank Of Montreal will post $6.63 earnings per share for the current year.
Bank Of Montreal announced that its Board of Directors has approved a stock buyback program on Friday, June 23rd that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be issued a $0.717 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 annualized dividend and a yield of 3.82%. Bank Of Montreal’s dividend payout ratio (DPR) is 45.28%.
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Bank Of Montreal Company Profile
Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.
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