Bank Of Montreal (NYSE:BMO) Position Reduced by Seaward Management Limited Partnership
Seaward Management Limited Partnership cut its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 25.2% during the second quarter, Holdings Channel reports. The institutional investor owned 2,869 shares of the bank’s stock after selling 966 shares during the period. Seaward Management Limited Partnership’s holdings in Bank Of Montreal were worth $210,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Bank Of Montreal by 85.2% in the fourth quarter. State Street Corp now owns 39,089 shares of the bank’s stock worth $2,810,000 after buying an additional 17,977 shares in the last quarter. Legacy Private Trust Co. bought a new stake in Bank Of Montreal during the first quarter worth approximately $207,000. Capstone Asset Management Co. increased its stake in Bank Of Montreal by 6.3% in the first quarter. Capstone Asset Management Co. now owns 65,782 shares of the bank’s stock worth $4,920,000 after buying an additional 3,910 shares in the last quarter. Starfire Investment Advisers Inc. bought a new stake in Bank Of Montreal during the first quarter worth approximately $259,000. Finally, Graybill Bartz & Assoc Ltd. increased its stake in Bank Of Montreal by 0.5% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 31,030 shares of the bank’s stock worth $2,321,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 48.33% of the company’s stock.
Bank Of Montreal (NYSE BMO) opened at 74.10 on Thursday. The firm has a market capitalization of $48.31 billion, a PE ratio of 11.74 and a beta of 1.02. Bank Of Montreal has a 52-week low of $62.32 and a 52-week high of $78.00. The stock’s 50 day moving average price is $74.71 and its 200 day moving average price is $73.54.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Wednesday, May 24th. The bank reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. Bank Of Montreal had a return on equity of 14.25% and a net margin of 19.60%. The business had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.26 billion. During the same period in the previous year, the company posted $1.73 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, analysts predict that Bank Of Montreal will post $6.33 EPS for the current fiscal year.
The business 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 dividend of $0.6616 per share. This represents a $2.65 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s dividend payout ratio is currently 46.18%.
Bank Of Montreal announced that its Board of Directors has approved a share repurchase program 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. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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BMO has been the subject of several recent analyst reports. Zacks Investment Research downgraded Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Citigroup Inc. upgraded Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Royal Bank Of Canada lowered their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a report on Thursday, May 25th. Finally, TD Securities upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a report on Thursday, June 1st. They noted that the move was a valuation call. Eleven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target 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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