Letko Brosseau & Associates Inc. cut its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,210,585 shares of the bank’s stock after selling 84,900 shares during the quarter. Bank Of Montreal comprises 3.7% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 4th largest position. Letko Brosseau & Associates Inc. owned 0.80% of Bank Of Montreal worth $382,037,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BMO. Bronfman E.L. Rothschild L.P. raised its stake in Bank Of Montreal by 1.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock valued at $102,000 after buying an additional 15 shares during the last quarter. IFP Advisors Inc raised its stake in 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 last quarter. BNP Paribas Arbitrage SA purchased a new stake in Bank Of Montreal in the first quarter valued at about $121,000. Parallel Advisors LLC raised its stake in 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 last quarter. Finally, IHT Wealth Management LLC raised its stake in Bank Of Montreal by 38.7% in the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock valued at $160,000 after buying an additional 600 shares during the last quarter. Institutional investors own 42.77% of the company’s stock.

BMO has been the subject of a number of research analyst reports. Citigroup Inc. upgraded Bank Of Montreal from a “neutral” rating to a “buy” rating in a research note on Thursday, May 18th. Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Royal Bank Of Canada decreased their price target on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research note on Thursday, May 25th. Zacks Investment Research cut Bank Of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, May 25th. Finally, TD Securities upgraded Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $97.20.

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Shares of Bank Of Montreal (NYSE:BMO) traded down 0.38% on Thursday, hitting $75.16. The stock had a trading volume of 126,779 shares. The company has a market cap of $48.78 billion, a price-to-earnings ratio of 11.57 and a beta of 1.03. 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 $73.92 and a 200-day moving average price of $72.97.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($0.04). Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same period in the previous year, the firm posted $1.94 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts expect that Bank Of Montreal will post $6.63 earnings per share for the current year.

Bank Of Montreal announced that its board has authorized a stock buyback plan on Friday, June 23rd that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be issued a $0.717 dividend. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Tuesday, October 31st. Bank Of Montreal’s payout ratio is presently 45.28%.

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.

Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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