Purpose Unlimited Inc. Invests $39.09 Million in Bank Of Montreal $BMO

Purpose Unlimited Inc. purchased a new stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 301,031 shares of the bank’s stock, valued at approximately $39,094,000. Bank Of Montreal accounts for approximately 1.8% of Purpose Unlimited Inc.’s investment portfolio, making the stock its 15th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC increased its stake in Bank Of Montreal by 87.1% during the 1st quarter. AQR Capital Management LLC now owns 5,742 shares of the bank’s stock valued at $548,000 after buying an additional 2,673 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Bank Of Montreal in the second quarter valued at approximately $1,018,000. Cerity Partners LLC boosted its holdings in shares of Bank Of Montreal by 1.4% in the second quarter. Cerity Partners LLC now owns 12,364 shares of the bank’s stock valued at $1,368,000 after acquiring an additional 167 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in shares of Bank Of Montreal by 166.3% during the second quarter. Qube Research & Technologies Ltd now owns 411,108 shares of the bank’s stock valued at $45,518,000 after acquiring an additional 256,755 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in Bank Of Montreal by 5,614.3% during the second quarter. NewEdge Advisors LLC now owns 2,800 shares of the bank’s stock worth $310,000 after purchasing an additional 2,751 shares in the last quarter. 45.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. National Bank Financial reissued a “sector perform” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Raymond James Financial restated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Desjardins reaffirmed a “hold” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Finally, Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $163.00.

Bank Of Montreal Price Performance

BMO stock opened at $170.80 on Friday. Bank Of Montreal has a one year low of $104.08 and a one year high of $173.20. The firm has a 50-day moving average of $157.29 and a two-hundred day moving average of $143.67. The firm has a market capitalization of $119.63 billion, a PE ratio of 18.13, a P/E/G ratio of 0.96 and a beta of 0.95. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The business had revenue of $7.04 billion for the quarter, compared to the consensus estimate of $6.98 billion. During the same period last year, the firm posted $2.62 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that Bank Of Montreal will post 11.82 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.0%. The ex-dividend date is Thursday, July 30th. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.67. Bank Of Montreal’s dividend payout ratio is presently 50.96%.

Bank Of Montreal Company Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.