Associated Banc Corp Cuts Position in Bank Of Montreal (BMO)
Associated Banc Corp reduced its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 0.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,711 shares of the bank’s stock after selling 24 shares during the period. Associated Banc Corp’s holdings in Bank Of Montreal were worth $567,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of BMO. CGOV Asset Management raised its position in shares of Bank Of Montreal by 13.1% during the 1st quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock worth $857,000 after purchasing an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Bank Of Montreal by 3.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,054,418 shares of the bank’s stock worth $78,859,000 after purchasing an additional 36,835 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new position in shares of Bank Of Montreal during the 1st quarter worth approximately $121,000. Commerce Bank raised its position in shares of Bank Of Montreal by 1.2% during the 1st quarter. Commerce Bank now owns 3,244 shares of the bank’s stock worth $243,000 after purchasing an additional 37 shares during the last quarter. Finally, Trexquant Investment LP raised its position in shares of Bank Of Montreal by 217.5% during the 1st quarter. Trexquant Investment LP now owns 12,700 shares of the bank’s stock worth $950,000 after purchasing an additional 8,700 shares during the last quarter. Hedge funds and other institutional investors own 42.77% of the company’s stock.
Bank Of Montreal (NYSE BMO) opened at 75.38 on Friday. Bank Of Montreal has a one year low of $62.32 and a one year high of $78.00. The firm has a 50-day moving average price of $73.84 and a 200 day moving average price of $73.01. The firm has a market capitalization of $48.92 billion, a P/E ratio of 11.61 and a beta of 1.03.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.04). Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The firm had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same period in the prior year, the business posted $1.94 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities research analysts anticipate that Bank Of Montreal will post $6.63 earnings per share for the current year.
Bank Of Montreal declared that its board has approved a share repurchase program on Friday, June 23rd that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be paid a $0.717 dividend. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.87 dividend on an annualized basis and a yield of 3.80%. Bank Of Montreal’s dividend payout ratio (DPR) is currently 45.28%.
Several brokerages recently issued reports on BMO. Royal Bank Of Canada cut their price objective on Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research report on Thursday, May 25th. BidaskClub upgraded Bank Of Montreal from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Scotiabank restated a “buy” rating and set a $101.00 price objective on shares of Bank Of Montreal in a research report on Wednesday, August 30th. Canaccord Genuity assumed coverage on Bank Of Montreal in a report on Tuesday, July 18th. They issued a “hold” rating for the company. Finally, Barclays PLC upgraded Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a report on Tuesday, May 23rd. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $97.20.
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Bank Of Montreal 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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