Bank Of Montreal $BMO is Cidel Asset Management Inc.’s 5th Largest Position

Cidel Asset Management Inc. raised its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 125.1% during the 2nd quarter, Holdings Channel reports. The firm owned 294,015 shares of the bank’s stock after buying an additional 163,407 shares during the quarter. Bank Of Montreal comprises 2.5% of Cidel Asset Management Inc.’s portfolio, making the stock its 5th largest holding. Cidel Asset Management Inc.’s holdings in Bank Of Montreal were worth $51,948,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Baird Financial Group Inc. lifted its holdings in shares of Bank Of Montreal by 4.6% during the second quarter. Baird Financial Group Inc. now owns 43,080 shares of the bank’s stock worth $7,612,000 after purchasing an additional 1,899 shares during the period. Waverly Advisors LLC acquired a new position in Bank Of Montreal in the 2nd quarter worth approximately $220,000. Nykredit A S acquired a new position in Bank Of Montreal in the 2nd quarter worth approximately $26,632,000. Corient Private Wealth LP raised its position in Bank Of Montreal by 19.1% during the 2nd quarter. Corient Private Wealth LP now owns 20,093 shares of the bank’s stock worth $3,551,000 after buying an additional 3,224 shares during the last quarter. Finally, Amundi lifted its stake in Bank Of Montreal by 10.0% during the 2nd quarter. Amundi now owns 1,215,809 shares of the bank’s stock valued at $217,822,000 after acquiring an additional 110,766 shares during the period. 45.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BMO. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Canadian Imperial Bank of Commerce downgraded Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, August 18th. Barclays reiterated an “underweight” rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Scotiabank restated an “outperform” rating on shares of Bank Of Montreal in a research note on Wednesday, August 26th. Finally, Desjardins reaffirmed a “hold” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Bank Of Montreal has a consensus rating of “Hold” and an average price target of $163.00.

Bank Of Montreal Price Performance

Shares of NYSE BMO opened at $175.11 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $121.74 billion, a PE ratio of 19.76, a PEG ratio of 1.04 and a beta of 0.93. Bank Of Montreal has a one year low of $119.84 and a one year high of $187.22. The firm has a fifty day moving average of $177.79 and a 200 day moving average of $161.05.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.13. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The firm had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same quarter in the prior year, the firm earned $3.23 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, research analysts predict that Bank Of Montreal will post 10.76 EPS for the current fiscal year.

Bank Of Montreal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, October 30th. Bank Of Montreal’s dividend payout ratio (DPR) is 55.64%.

Bank Of Montreal Company Profile

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada’s largest banks and serves individuals, businesses, institutions and governments through operations in Canada and the United States.

BMO’s personal and commercial banking businesses provide deposit accounts, mortgages, consumer lending, credit cards, investment products and financial planning services. The bank also offers commercial lending, treasury management and other banking solutions to businesses of various sizes.

Through BMO Wealth Management, the company provides investment management, private banking, financial planning and related advisory services.