Bank Of Montreal (BMO) Stake Raised by Pinebridge Investments L.P.
Pinebridge Investments L.P. grew its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 11.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 106,001 shares of the bank’s stock after acquiring an additional 10,925 shares during the quarter. Pinebridge Investments L.P.’s holdings in Bank Of Montreal were worth $10,093,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in BMO. Canada Pension Plan Investment Board raised its stake in shares of Bank Of Montreal by 1,053.6% in the second quarter. Canada Pension Plan Investment Board now owns 3,060,416 shares of the bank’s stock valued at $224,388,000 after acquiring an additional 2,795,116 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Bank Of Montreal in the first quarter valued at $72,790,000. OMERS ADMINISTRATION Corp raised its stake in shares of Bank Of Montreal by 35.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 2,343,497 shares of the bank’s stock valued at $174,543,000 after acquiring an additional 611,200 shares during the period. Vanguard Group Inc. raised 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 valued at $1,035,417,000 after acquiring an additional 602,298 shares during the period. Finally, Highstreet Asset Management Inc. raised its stake in shares of Bank Of Montreal by 467.3% in the second quarter. Highstreet Asset Management Inc. now owns 624,143 shares of the bank’s stock valued at $45,854,000 after acquiring an additional 514,130 shares during the period. 42.76% of the stock is currently owned by institutional investors and hedge funds.
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Bank Of Montreal (BMO) remained flat at $74.99 on Wednesday. The stock had a trading volume of 106,375 shares. The company’s 50-day moving average is $73.75 and its 200 day moving average is $72.93. The firm has a market cap of $48.67 billion, a PE ratio of 11.55 and a beta of 1.03. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.04). The company had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.94 earnings per share. On average, analysts forecast that Bank Of Montreal will post $6.60 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Wednesday, November 1st will be paid a dividend of $0.717 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a yield of 3.82%. Bank Of Montreal’s dividend payout ratio is 45.28%.
Bank Of Montreal announced that its Board of Directors has initiated a share buyback program on Friday, June 23rd that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
BMO has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Tuesday, July 18th. Scotiabank reissued a “buy” rating and issued a $101.00 target price on shares of Bank Of Montreal in a research note on Wednesday, August 30th. Canaccord Genuity set a $102.00 price target on shares of Bank Of Montreal and gave the stock a “hold” rating in a research note on Tuesday, August 29th. Royal Bank Of Canada reduced their price target on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 25th. Finally, TD Securities raised shares of 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Bank Of Montreal has an average rating of “Hold” and an average price target of $97.20.
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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