Bank Of Montreal (BMO) Shares Bought by Highstreet Asset Management Inc.
Highstreet Asset Management Inc. raised its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 467.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 624,143 shares of the bank’s stock after buying an additional 514,130 shares during the period. Bank Of Montreal accounts for 5.0% of Highstreet Asset Management Inc.’s portfolio, making the stock its 4th largest position. Highstreet Asset Management Inc.’s holdings in Bank Of Montreal were worth $45,854,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. raised its stake in shares of Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock worth $103,000 after buying an additional 23 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Bank Of Montreal by 11.5% in the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock worth $118,000 after buying an additional 166 shares during the last quarter. BNP Paribas Arbitrage SA purchased a new stake in shares of Bank Of Montreal during the first quarter worth approximately $121,000. Parallel Advisors LLC raised its stake in shares of Bank Of Montreal by 5.0% in the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock worth $145,000 after buying an additional 99 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Bank Of Montreal during the first quarter worth approximately $150,000. 48.44% of the stock is currently owned by institutional investors and hedge funds.
Bank Of Montreal (NYSE BMO) opened at 73.05 on Thursday. Bank Of Montreal has a 12 month low of $62.32 and a 12 month high of $78.00. The company has a market capitalization of $47.63 billion, a P/E ratio of 11.53 and a beta of 1.02. The stock’s 50 day moving average price is $75.02 and its 200-day moving average price is $73.42.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Wednesday, May 24th. The bank reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.05. The company had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.26 billion. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. Bank Of Montreal’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 EPS. On average, equities research analysts predict that Bank Of Montreal will post $6.26 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 1st will be issued a dividend of $0.6616 per share. This represents a $2.65 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s dividend payout ratio is presently 46.18%.
Bank Of Montreal announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 27th that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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A number of analysts have recently commented on BMO shares. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, July 18th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. They noted that the move was a valuation call. BidaskClub raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a research note on Thursday, May 18th. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.38.
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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