Cumberland Partners Ltd Continues to Hold Stake in Bank Of Montreal (BMO)
Cumberland Partners Ltd held its stake in shares of Bank Of Montreal (NYSE:BMO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,150 shares of the company’s stock at the end of the second quarter. Cumberland Partners Ltd’s holdings in Bank Of Montreal were worth $1,080,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of BMO. Aviva PLC boosted its position in Bank Of Montreal by 2.4% in the first quarter. Aviva PLC now owns 369,448 shares of the company’s stock valued at $22,468,000 after buying an additional 8,557 shares during the last quarter. Burgundy Asset Management Ltd. boosted its position in Bank Of Montreal by 50.0% in the first quarter. Burgundy Asset Management Ltd. now owns 30,000 shares of the company’s stock valued at $1,822,000 after buying an additional 10,000 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in Bank Of Montreal during the first quarter valued at about $2,868,000. JPMorgan Chase & Co. boosted its position in Bank Of Montreal by 22.9% in the first quarter. JPMorgan Chase & Co. now owns 583,652 shares of the company’s stock valued at $35,423,000 after buying an additional 108,633 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new position in Bank Of Montreal during the first quarter valued at about $253,000. 48.03% of the stock is currently owned by hedge funds and other institutional investors.
Bank Of Montreal (NYSE:BMO) traded up 0.85% during midday trading on Thursday, hitting $66.15. The stock had a trading volume of 513,083 shares. The stock has a 50-day moving average of $65.36 and a 200-day moving average of $63.52. Bank Of Montreal has a 52 week low of $47.54 and a 52 week high of $67.69. The firm has a market cap of $42.67 billion, a P/E ratio of 12.96 and a beta of 1.04.
Bank Of Montreal (NYSE:BMO) last released its earnings results on Tuesday, August 23rd. The company reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.11. The company earned $5.63 billion during the quarter, compared to the consensus estimate of $3.88 billion. Bank Of Montreal had a return on equity of 12.66% and a net margin of 17.82%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.86 earnings per share. Analysts forecast that Bank Of Montreal will post $5.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Stockholders of record on Tuesday, November 1st will be given a dividend of $0.6696 per share. The ex-dividend date is Friday, October 28th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 4.05%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. Bank Of Montreal’s payout ratio is presently 52.47%.
Several research analysts have recently issued reports on BMO shares. Rafferty Capital Markets raised Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 9th. Zacks Investment Research cut Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $88.00 target price (up previously from $84.00) on shares of Bank Of Montreal in a research note on Thursday, August 25th. Dundee Securities initiated coverage on Bank Of Montreal in a research note on Wednesday. They set a “neutral” rating for the company. Finally, National Bank Financial reaffirmed a “sector perform” rating and set a $88.00 target price (up previously from $84.00) on shares of Bank Of Montreal in a research note on Thursday, August 25th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $83.67.
About Bank Of Montreal
Bank of Montreal (BMO) is a financial services company. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank’s operating groups include Personal and Commercial Banking, Wealth Management, BMO Capital Markets (BMO CM) and Corporate Services, including Technology and Operations.
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