Bank Of Montreal (BMO) Stake Increased by Davis Rea Ltd.
Davis Rea Ltd. raised its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 2.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,819 shares of the bank’s stock after buying an additional 775 shares during the period. Bank Of Montreal comprises 1.3% of Davis Rea Ltd.’s portfolio, making the stock its 24th largest position. Davis Rea Ltd.’s holdings in Bank Of Montreal were worth $2,114,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. TD Asset Management Inc. raised its position in shares of Bank Of Montreal by 1.5% in the second quarter. TD Asset Management Inc. now owns 25,134,177 shares of the bank’s stock worth $1,842,821,000 after buying an additional 383,382 shares during the period. Bank of Nova Scotia raised its position in shares of Bank Of Montreal by 3.1% in the first quarter. Bank of Nova Scotia now owns 16,561,393 shares of the bank’s stock worth $1,237,062,000 after buying an additional 490,813 shares during the period. Vanguard Group Inc. raised its position in shares of Bank Of Montreal by 4.5% in the first quarter. Vanguard Group Inc. now owns 13,844,325 shares of the bank’s stock worth $1,035,417,000 after buying an additional 602,298 shares during the period. Acadian Asset Management LLC raised its position in shares of Bank Of Montreal by 5.4% in the second quarter. Acadian Asset Management LLC now owns 7,292,805 shares of the bank’s stock worth $534,707,000 after buying an additional 372,000 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of Bank Of Montreal by 7.1% in the second quarter. Great West Life Assurance Co. Can now owns 5,707,527 shares of the bank’s stock worth $417,991,000 after buying an additional 379,748 shares during the period. 48.33% of the stock is owned by institutional investors and hedge funds.
Shares of Bank Of Montreal (NYSE BMO) opened at 74.10 on Thursday. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The firm’s 50 day moving average price is $74.71 and its 200-day moving average price is $73.54. The company has a market capitalization of $48.31 billion, a P/E ratio of 11.70 and a beta of 1.02.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly 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% on a year-over-year basis. During the same period last year, the business earned $1.73 earnings per share. Analysts expect that Bank Of Montreal will post $6.30 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Tuesday, August 1st will be issued a $0.6616 dividend. This represents a $2.65 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s payout ratio is currently 46.18%.
Bank Of Montreal announced that its Board of Directors has initiated a share buyback program on Thursday, April 27th that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
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BMO has been the subject of a number of recent analyst reports. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a research report on Thursday, May 18th. TD Securities raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. They noted that the move was a valuation call. BidaskClub lowered Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Zacks Investment Research lowered Bank Of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, May 25th. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $88.38.
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.
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