20,000 Bank Of Montreal $BMO Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 62.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,000 shares of the bank’s stock after selling 20,000 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank Of Montreal were worth $2,007,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bank of Nova Scotia acquired a new position in shares of Bank Of Montreal in the 2nd quarter valued at $920,002,000. Tacita Capital Inc purchased a new position in shares of Bank Of Montreal in the 2nd quarter valued at $1,518,000. Andra AP fonden purchased a new position in shares of Bank Of Montreal in the 1st quarter valued at $3,979,000. Deutsche Bank AG purchased a new position in shares of Bank Of Montreal in the 2nd quarter valued at $235,791,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Bank Of Montreal during the 2nd quarter worth $10,555,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on BMO. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Keefe, Bruyette & Woods began coverage on shares of Bank Of Montreal in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Scotiabank reaffirmed an “outperform” rating on shares of Bank Of Montreal in a report on Wednesday, August 26th. TD Securities reiterated a “buy” rating on shares of Bank Of Montreal in a research report on Wednesday, August 12th. Finally, Weiss Ratings downgraded Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $244.00.

Bank Of Montreal Stock Performance

Shares of Bank Of Montreal stock opened at $169.12 on Friday. The firm’s fifty day simple moving average is $171.00 and its 200-day simple moving average is $167.65. Bank Of Montreal has a 12 month low of $119.84 and a 12 month high of $187.22. The stock has a market capitalization of $117.55 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 1.02 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.01.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.13. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The firm had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.94 billion. During the same quarter in the prior year, the business earned $3.23 EPS. Bank Of Montreal’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts forecast that Bank Of Montreal will post 10.65 earnings per share for the current year.

Bank Of Montreal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Stockholders of record on Friday, October 30th will be issued a C$1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, October 30th. Bank Of Montreal’s dividend payout ratio is presently 54.29%.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.