Janney Montgomery Scott LLC Raises Stake in Bank Of Montreal (BMO)
Janney Montgomery Scott LLC increased its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 14.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,106 shares of the bank’s stock after buying an additional 2,378 shares during the period. Janney Montgomery Scott LLC’s holdings in Bank Of Montreal were worth $1,403,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in BMO. Bank of Nova Scotia raised its position in 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 in the last quarter. Vanguard Group Inc. raised its position in 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 in the last quarter. Acadian Asset Management LLC raised its position in 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 in the last quarter. Mackenzie Financial Corp raised its position in Bank Of Montreal by 1.0% in the first quarter. Mackenzie Financial Corp now owns 3,003,915 shares of the bank’s stock worth $224,663,000 after buying an additional 28,788 shares in the last quarter. Finally, Mawer Investment Management Ltd. raised its position in Bank Of Montreal by 2.8% in the first quarter. Mawer Investment Management Ltd. now owns 2,925,520 shares of the bank’s stock worth $382,455,000 after buying an additional 79,922 shares in the last quarter. 48.33% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank Of Montreal (NYSE BMO) opened at 74.10 on Thursday. The stock has a market cap of $48.31 billion, a price-to-earnings ratio of 11.74 and a beta of 1.02. The firm has a 50-day moving average price of $74.71 and a 200-day moving average price of $73.54. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The firm had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.26 billion. During the same quarter last year, the business posted $1.73 EPS. The company’s revenue was up 12.5% on a year-over-year basis. Analysts anticipate that Bank Of Montreal will post $6.33 earnings per share for the current fiscal year.
Bank Of Montreal declared that its board has approved a share repurchase program on Thursday, April 27th that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 1st will be paid a $0.6616 dividend. 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 46.18%.
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BMO has been the topic of a number of research reports. Citigroup Inc. raised Bank Of Montreal from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. 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. BidaskClub lowered Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Zacks Investment Research lowered Bank Of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, May 25th. Finally, Barclays PLC raised Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Eleven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Bank Of Montreal has an average 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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