Arrowstreet Capital Limited Partnership Has $103.15 Million Holdings in Bank Of Montreal (BMO)
Arrowstreet Capital Limited Partnership raised its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 123.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,405,000 shares of the bank’s stock after buying an additional 776,318 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.22% of Bank Of Montreal worth $103,154,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of BMO. Canada Pension Plan Investment Board boosted its position in Bank Of Montreal by 1,053.6% during 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 buying an additional 2,795,116 shares during the period. Public Sector Pension investment Board boosted its position in Bank Of Montreal by 13,359.7% during the second quarter. Public Sector Pension investment Board now owns 1,291,596 shares of the bank’s stock valued at $94,699,000 after buying an additional 1,282,000 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new stake in Bank Of Montreal during the first quarter valued at about $72,790,000. Vanguard Group Inc. boosted its position in Bank Of Montreal by 5.4% during the second quarter. Vanguard Group Inc. now owns 14,592,498 shares of the bank’s stock valued at $1,071,673,000 after buying an additional 748,173 shares during the period. Finally, OMERS ADMINISTRATION Corp boosted its position in Bank Of Montreal by 22.9% during the second quarter. OMERS ADMINISTRATION Corp now owns 2,879,097 shares of the bank’s stock valued at $211,094,000 after buying an additional 535,600 shares during the period. Institutional investors and hedge funds own 42.74% of the company’s stock.
Several research firms have issued reports 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 lowered shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Finally, Scotiabank reiterated a “buy” rating and set a $101.00 target price on shares of Bank Of Montreal in a report on Wednesday, August 30th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $99.00.
Bank Of Montreal (NYSE BMO) traded down 0.13% during mid-day trading on Friday, hitting $76.90. 198,576 shares of the stock were exchanged. The company’s 50-day moving average price is $74.44 and its 200 day moving average price is $72.94. Bank Of Montreal has a 52 week low of $62.32 and a 52 week high of $78.00. The firm has a market capitalization of $49.91 billion, a price-to-earnings ratio of 11.50 and a beta of 1.04.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $5.52 billion. During the same period in the prior year, the firm posted $1.94 earnings per share. Bank Of Montreal’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities research analysts expect that Bank Of Montreal will post $6.40 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be paid a dividend of $0.717 per share. The ex-dividend date is Tuesday, October 31st. This is a boost from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.73%. Bank Of Montreal’s payout ratio is currently 46.91%.
Bank Of Montreal announced that its board has initiated a stock repurchase plan on Friday, June 23rd that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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.
Receive News & Ratings for Bank Of Montreal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank Of Montreal and related companies with MarketBeat.com's FREE daily email newsletter.