Alberta Investment Management Corp Takes $129.91 Million Position in Bank Of Montreal $BMO

Alberta Investment Management Corp bought a new stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the fourth quarter, HoldingsChannel.com reports. The fund bought 1,000,300 shares of the bank’s stock, valued at approximately $129,909,000.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Bank Of Montreal by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank’s stock valued at $4,287,878,000 after acquiring an additional 673,248 shares during the period. Canerector Inc. raised its stake in shares of Bank Of Montreal by 18,035.0% in the 3rd quarter. Canerector Inc. now owns 22,668,750 shares of the bank’s stock valued at $2,952,605,000 after acquiring an additional 22,543,750 shares during the period. TD Asset Management Inc raised its stake in shares of Bank Of Montreal by 1.5% in the 4th quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank’s stock valued at $2,519,180,000 after acquiring an additional 293,575 shares during the period. Norges Bank purchased a new position in shares of Bank Of Montreal in the 4th quarter valued at $1,059,320,000. Finally, Geode Capital Management LLC raised its stake in shares of Bank Of Montreal by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,030,219 shares of the bank’s stock valued at $932,242,000 after acquiring an additional 442,812 shares during the period. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on BMO. Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Desjardins reaffirmed a “hold” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Weiss Ratings downgraded shares of Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday. Raymond James Financial reaffirmed an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Finally, National Bank Financial reaffirmed a “sector perform” rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Bank Of Montreal has a consensus rating of “Hold” and a consensus price target of $163.00.

Bank Of Montreal Stock Performance

Bank Of Montreal stock opened at $168.36 on Tuesday. Bank Of Montreal has a 12-month low of $104.08 and a 12-month high of $170.49. The company has a market capitalization of $117.92 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 0.94 and a beta of 0.95. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. The firm’s fifty day moving average price is $154.72 and its 200 day moving average price is $142.54.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.14. The firm had revenue of $7.04 billion for the quarter, compared to the consensus estimate of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.62 EPS. On average, research analysts forecast that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $6.84 annualized dividend and a yield of 4.1%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.67. Bank Of Montreal’s dividend payout ratio (DPR) is 50.96%.

Bank Of Montreal Company Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.