Bank Of Montreal (BMO) Stake Raised by Pinnacle Financial Partners Inc.
Pinnacle Financial Partners Inc. boosted its stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 4.7% during the second quarter, Holdings Channel reports. The fund owned 25,200 shares of the bank’s stock after buying an additional 1,128 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Bank Of Montreal were worth $1,851,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc. boosted its stake in Bank Of Montreal by 1.5% in the second quarter. TD Asset Management Inc. now owns 25,134,177 shares of the bank’s stock valued at $1,842,821,000 after buying an additional 383,382 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of 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. boosted its stake in shares of 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 boosted its stake in shares of 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. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Bank Of Montreal by 7.1% in the second quarter. Great West Life Assurance Co. Can now owns 5,707,527 shares of the bank’s stock worth $417,991,000 after buying an additional 379,748 shares in the last quarter. Hedge funds and other institutional investors own 48.33% of the company’s stock.
Bank Of Montreal (BMO) opened at 72.52 on Friday. The stock has a market cap of $47.28 billion, a price-to-earnings ratio of 11.45 and a beta of 1.02. The stock has a 50 day moving average of $74.86 and a 200 day moving average of $73.52. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, May 24th. The bank reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. The firm had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.26 billion. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. The company’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. Equities analysts expect that Bank Of Montreal will post $6.30 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 1st will be given a dividend of $0.6616 per share. This represents a $2.65 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Friday, July 28th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 46.18%.
Bank Of Montreal announced that its board has initiated a share buyback program on Thursday, April 27th that allows the company to buyback 15,000,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
A number of brokerages have weighed in on BMO. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, July 18th. Canaccord Genuity began coverage on shares of Bank Of Montreal in a research report on Tuesday, July 18th. They set a “hold” rating for the company. BidaskClub cut shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, May 23rd. Finally, Royal Bank Of Canada dropped their price target on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Bank Of Montreal currently has an average rating of “Hold” and a consensus price target 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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