Cumberland Partners Ltd cut its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 2.7% during the second quarter, Holdings Channel reports. The institutional investor owned 18,362 shares of the bank’s stock after selling 502 shares during the period. Cumberland Partners Ltd’s holdings in Bank Of Montreal were worth $1,347,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BMO. State Street Corp boosted its position in shares of 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 position in shares of Bank Of Montreal during the first quarter worth approximately $207,000. Capstone Asset Management Co. boosted its position in shares of 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 position in shares of Bank Of Montreal during the first quarter worth approximately $259,000. Finally, Graybill Bartz & Assoc Ltd. boosted its position in shares of 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. 48.33% of the stock is currently owned by institutional investors.

Shares of Bank Of Montreal (BMO) opened at 72.94 on Friday. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00. The stock has a 50 day moving average price of $74.81 and a 200 day moving average price of $73.53. The company has a market capitalization of $47.56 billion, a PE ratio of 11.51 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 (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.26 billion. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.73 EPS. On average, equities research analysts predict that Bank Of Montreal will post $6.30 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 28th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.6616 per share. The ex-dividend date is Friday, July 28th. This represents a $2.65 dividend on an annualized basis and a dividend yield of 3.63%. Bank Of Montreal’s dividend 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 buyback 15,000,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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A number of equities analysts recently commented on BMO shares. Zacks Investment Research cut Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Royal Bank Of Canada decreased their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a report on Thursday, May 25th. Finally, TD Securities raised 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 issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price 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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Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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