Connor Clark & Lunn Investment Management Ltd. Buys Shares of 3,839,476 Bank Of Montreal $BMO

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 3,839,476 shares of the bank’s stock, valued at approximately $677,074,000. Bank Of Montreal accounts for approximately 1.3% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 13th biggest holding.

Several other hedge funds have also recently modified their holdings of BMO. Bank of Nova Scotia bought a new position in shares of Bank Of Montreal during the second quarter valued at approximately $920,002,000. Commerce Bank bought a new position in Bank Of Montreal in the second quarter worth approximately $653,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Bank Of Montreal during the second quarter worth $4,751,000. Quantbot Technologies LP purchased a new stake in Bank Of Montreal during the second quarter worth $4,327,000. Finally, Krane Financial Solutions LLC bought a new stake in Bank Of Montreal during the 2nd quarter valued at $307,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Price Performance

Shares of BMO opened at $174.34 on Monday. The company has a 50 day moving average of $177.66 and a two-hundred day moving average of $158.42. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a twelve month low of $112.58 and a twelve month high of $187.22. The company has a market cap of $121.54 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.54 by $0.14. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The business had revenue of $7.04 billion for the quarter, compared to the consensus estimate of $6.98 billion. During the same period in the prior year, the firm posted $2.62 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, analysts predict that Bank Of Montreal will post 10.49 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be paid a dividend of $1.71 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date is Thursday, July 30th. This represents a $6.84 annualized dividend and a yield of 3.9%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 51.06%.

Wall Street Analyst Weigh In

BMO has been the topic of a number of analyst reports. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Zacks Research cut Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. 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. Finally, TD Securities reiterated a “buy” rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $163.00.

Bank Of Montreal 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.