Addenda Capital Inc. cut its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 15.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,990 shares of the bank’s stock after selling 4,190 shares during the period. Addenda Capital Inc.’s holdings in Bank Of Montreal were worth $1,686,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. First Midwest Bank Trust Division raised its stake in shares of Bank Of Montreal by 8.3% in the first quarter. First Midwest Bank Trust Division now owns 3,908 shares of the bank’s stock worth $292,000 after buying an additional 300 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Bank Of Montreal by 21.2% in the first quarter. Russell Investments Group Ltd. now owns 1,890,038 shares of the bank’s stock worth $140,841,000 after buying an additional 330,941 shares during the last quarter. Strs Ohio raised its stake in shares of Bank Of Montreal by 46.1% in the first quarter. Strs Ohio now owns 352,950 shares of the bank’s stock worth $26,287,000 after buying an additional 111,400 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Bank Of Montreal by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 16,728 shares of the bank’s stock worth $1,251,000 after buying an additional 768 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Bank Of Montreal by 12.8% in the first quarter. Acadian Asset Management LLC now owns 6,920,805 shares of the bank’s stock worth $515,459,000 after buying an additional 783,569 shares during the last quarter. Hedge funds and other institutional investors own 48.44% of the company’s stock.

Shares of Bank Of Montreal (NYSE:BMO) opened at 72.76 on Friday. The company’s 50-day moving average is $74.97 and its 200-day moving average is $73.39. Bank Of Montreal has a 12-month low of $62.32 and a 12-month high of $78.00. The company has a market capitalization of $47.44 billion, a price-to-earnings ratio of 11.62 and a beta of 1.02.

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 the consensus estimate of $1.40 by $0.05. The company had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.26 billion. Bank Of Montreal had a net margin of 19.60% and a return on equity of 14.25%. Bank Of Montreal’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.73 earnings per share. Analysts predict that Bank Of Montreal will post $6.30 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.6616 per share. This represents a $2.65 annualized dividend and a yield of 3.64%. The ex-dividend date is Friday, July 28th. Bank Of Montreal’s payout ratio is 46.18%.

Bank Of Montreal declared that its board has approved a stock repurchase program on Thursday, April 27th that permits the company to buyback 15,000,000 shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, July 18th. Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a report on Tuesday, July 18th. They issued a “hold” rating for the company. BidaskClub lowered shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Finally, Royal Bank Of Canada lowered their price objective on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Bank Of Montreal currently has an average rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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