Crescent Grove Advisors LLC Takes Position in Bank Of Montreal (BMO)
Crescent Grove Advisors LLC purchased a new stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the second quarter, Holdings Channel reports. The fund purchased 5,470 shares of the bank’s stock, valued at approximately $402,000.
Other institutional investors have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. boosted its position in shares of Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock valued at $103,000 after buying an additional 23 shares during the period. IFP Advisors Inc boosted its position in shares of 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 buying an additional 166 shares during the period. BNP Paribas Arbitrage SA purchased a new position in shares of Bank Of Montreal during the first quarter valued at about $121,000. Parallel Advisors LLC boosted its position in shares of 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 buying an additional 99 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new position in shares of Bank Of Montreal during the first quarter valued at about $150,000. Institutional investors own 48.33% of the company’s stock.
Shares of Bank Of Montreal (NYSE BMO) opened at 72.52 on Friday. Bank Of Montreal has a 12 month low of $62.32 and a 12 month high of $78.00. The stock has a 50 day moving average price of $74.86 and a 200 day moving average price of $73.52. The firm has a market cap of $47.28 billion, a PE ratio of 11.45 and a beta of 1.02.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings data on Wednesday, May 24th. The bank reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.26 billion. During the same quarter in the prior year, the company earned $1.73 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. On average, equities research analysts expect that Bank Of Montreal will post $6.30 EPS for the current year.
Bank Of Montreal announced that its board has approved a share buyback plan on Thursday, April 27th that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are 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 given a $0.6616 dividend. This represents a $2.65 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Friday, July 28th. Bank Of Montreal’s dividend payout ratio is currently 46.18%.
Several brokerages have recently issued reports on BMO. Zacks Investment Research cut Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Royal Bank Of Canada lowered their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 25th. Canaccord Genuity began coverage on Bank Of Montreal in a report on Tuesday, July 18th. They issued a “hold” rating on the stock. BidaskClub upgraded Bank Of Montreal from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. Finally, Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target 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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