Bank of Nova Scotia Sells 1,248,285 Shares of Bank Of Montreal $BMO

Bank of Nova Scotia reduced its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 16.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,373,601 shares of the bank’s stock after selling 1,248,285 shares during the quarter. Bank Of Montreal comprises 1.5% of Bank of Nova Scotia’s investment portfolio, making the stock its 13th largest position. Bank of Nova Scotia owned approximately 0.90% of Bank Of Montreal worth $830,610,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BMO. True Wealth Design LLC bought a new stake in Bank Of Montreal in the third quarter valued at $28,000. WFA of San Diego LLC bought a new position in Bank Of Montreal in the 2nd quarter worth $28,000. Toth Financial Advisory Corp bought a new position in Bank Of Montreal in the 3rd quarter worth $52,000. Smartleaf Asset Management LLC lifted its position in shares of Bank Of Montreal by 107.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 407 shares of the bank’s stock worth $53,000 after purchasing an additional 211 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Bank Of Montreal in the 2nd quarter worth about $61,000. 45.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BMO has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank Of Montreal in a research note on Monday, December 29th. Wall Street Zen raised Bank Of Montreal from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. National Bank Financial restated a “sector perform” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Finally, Raymond James Financial upgraded Bank Of Montreal from a “market perform” rating to an “outperform” rating in a report on Friday, February 13th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Bank Of Montreal has an average rating of “Moderate Buy” and an average target price of $163.00.

Bank Of Montreal Price Performance

Shares of NYSE BMO opened at $135.57 on Friday. The company has a 50 day simple moving average of $139.81 and a two-hundred day simple moving average of $131.32. Bank Of Montreal has a fifty-two week low of $85.40 and a fifty-two week high of $149.01. The company has a market capitalization of $95.75 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 0.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, February 25th. The bank reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $7.21 billion for the quarter, compared to the consensus estimate of $6.73 billion. Bank Of Montreal had a return on equity of 12.16% and a net margin of 11.76%.The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.04 EPS. Analysts expect that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Wednesday, April 29th will be issued a dividend of $1.67 per share. The ex-dividend date is Wednesday, April 29th. This represents a $6.68 annualized dividend and a dividend yield of 4.9%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 56.79%.

Bank Of Montreal Company Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.