Stifel Financial Corp Trims Stake in Bank Of Montreal (BMO)

Stifel Financial Corp cut its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 1.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,640 shares of the bank’s stock after selling 503 shares during the quarter. Stifel Financial Corp’s holdings in Bank Of Montreal were worth $2,767,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BMO. Canada Pension Plan Investment Board increased its holdings in Bank Of Montreal by 1,053.6% during the second quarter. Canada Pension Plan Investment Board now owns 3,060,416 shares of the bank’s stock valued at $224,388,000 after buying an additional 2,795,116 shares during the period. Public Sector Pension investment Board increased its holdings in Bank Of Montreal by 13,359.7% during the second quarter. Public Sector Pension investment Board now owns 1,291,596 shares of the bank’s stock valued at $94,699,000 after buying an additional 1,282,000 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in Bank Of Montreal during the first quarter valued at approximately $72,790,000. Vanguard Group Inc. increased its holdings in Bank Of Montreal by 5.4% during the second quarter. Vanguard Group Inc. now owns 14,592,498 shares of the bank’s stock valued at $1,071,673,000 after buying an additional 748,173 shares during the period. Finally, OMERS ADMINISTRATION Corp increased its holdings in Bank Of Montreal by 22.9% during the second quarter. OMERS ADMINISTRATION Corp now owns 2,879,097 shares of the bank’s stock valued at $211,094,000 after buying an additional 535,600 shares during the period. 42.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of Bank Of Montreal (NYSE BMO) opened at 77.92 on Friday. The firm has a 50-day moving average of $74.94 and a 200 day moving average of $73.04. The firm has a market capitalization of $50.57 billion, a P/E ratio of 11.65 and a beta of 1.04. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.16.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the Zacks’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same period in the prior year, the company posted $1.94 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Bank Of Montreal will post $6.40 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be given a $0.717 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.68%. Bank Of Montreal’s dividend payout ratio is currently 46.91%.

Bank Of Montreal declared that its board has approved a share buyback plan on Friday, June 23rd that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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Several equities analysts recently issued reports on BMO shares. BidaskClub raised shares of Bank Of Montreal from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. Canaccord Genuity started coverage on shares of Bank Of Montreal in a report on Tuesday, July 18th. They set a “hold” rating on the stock. Zacks Investment Research raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, July 18th. Finally, Scotiabank reissued a “buy” rating and set a $101.00 price objective on shares of Bank Of Montreal in a report on Wednesday, August 30th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $99.00.

About Bank Of Montreal

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.

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

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