Bank of Montreal (BMO) Shares Bought by Dynamic Technology Lab Private Ltd
Dynamic Technology Lab Private Ltd raised its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 717.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,399 shares of the bank’s stock after purchasing an additional 30,192 shares during the quarter. Bank of Montreal comprises approximately 0.4% of Dynamic Technology Lab Private Ltd’s holdings, making the stock its 12th biggest holding. Dynamic Technology Lab Private Ltd’s holdings in Bank of Montreal were worth $2,839,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in BMO. Millennium Management LLC acquired a new position in shares of Bank of Montreal in the 1st quarter valued at $216,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Bank of Montreal by 12.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 27,464 shares of the bank’s stock valued at $2,123,000 after acquiring an additional 2,955 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Bank of Montreal by 30.8% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 4,459 shares of the bank’s stock valued at $345,000 after acquiring an additional 1,050 shares in the last quarter. State of Wisconsin Investment Board lifted its holdings in shares of Bank of Montreal by 9.5% during the 2nd quarter. State of Wisconsin Investment Board now owns 562,267 shares of the bank’s stock valued at $43,436,000 after acquiring an additional 48,734 shares in the last quarter. Finally, Financial Counselors Inc. lifted its holdings in shares of Bank of Montreal by 23.0% during the 2nd quarter. Financial Counselors Inc. now owns 14,020 shares of the bank’s stock valued at $1,083,000 after acquiring an additional 2,618 shares in the last quarter. Institutional investors own 43.89% of the company’s stock.
Several research firms recently weighed in on BMO. Canaccord Genuity upgraded shares of Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. Zacks Investment Research lowered shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Friday, November 9th. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays restated a “hold” rating on shares of Bank of Montreal in a report on Friday, November 16th. Finally, Cormark lowered shares of Bank of Montreal from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $115.00 to $109.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $106.00.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, December 4th. The bank reported $2.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.57. Bank of Montreal had a net margin of 16.91% and a return on equity of 15.14%. The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same quarter in the previous year, the business posted $1.94 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Sell-side analysts forecast that Bank of Montreal will post 7.27 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 26th. Investors of record on Friday, February 1st will be paid a dividend of $0.753 per share. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $3.01 annualized dividend and a yield of 4.19%. Bank of Montreal’s payout ratio is 41.77%.
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Bank of Montreal Profile
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, creditor insurance products, 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.
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