Dimensional Fund Advisors LP Increases Holdings in Bank Of Montreal (BMO)
Dimensional Fund Advisors LP raised its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 3.7% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,758,505 shares of the bank’s stock after acquiring an additional 135,096 shares during the period. Dimensional Fund Advisors LP owned approximately 0.58% of Bank Of Montreal worth $276,025,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. grew its stake in Bank Of Montreal by 1.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock valued at $102,000 after acquiring an additional 15 shares during the period. IFP Advisors Inc grew its stake in Bank Of Montreal by 11.5% in the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock valued at $118,000 after acquiring an additional 166 shares during the period. BNP Paribas Arbitrage SA acquired a new stake in Bank Of Montreal in the first quarter valued at approximately $121,000. Parallel Advisors LLC grew its stake in Bank Of Montreal by 5.0% in the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock valued at $145,000 after acquiring an additional 99 shares during the period. Finally, IHT Wealth Management LLC grew its stake in Bank Of Montreal by 38.7% in the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock valued at $160,000 after acquiring an additional 600 shares during the period. 42.76% of the stock is owned by hedge funds and other institutional investors.
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Bank Of Montreal (BMO) traded up 0.08% on Friday, hitting $75.24. The stock had a trading volume of 350,783 shares. The stock has a 50 day moving average price of $73.75 and a 200 day moving average price of $72.93. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The company has a market cap of $48.83 billion, a P/E ratio of 11.25 and a beta of 1.03.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.04). The company had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.94 EPS. On average, equities research analysts expect that Bank Of Montreal will post $6.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be paid a $0.717 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.87 annualized dividend and a dividend yield of 3.81%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. Bank Of Montreal’s dividend payout ratio is presently 45.28%.
Bank Of Montreal announced that its board has authorized a stock repurchase program on Friday, June 23rd that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have commented on BMO shares. Scotiabank reissued a “buy” rating and issued a $101.00 price objective on shares of Bank Of Montreal in a research note on Wednesday, August 30th. BidaskClub raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Zacks Investment Research raised Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company 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. Finally, Canaccord Genuity started coverage on Bank Of Montreal in a research note on Tuesday, July 18th. They issued a “hold” rating for the company. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $97.20.
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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