Bank Of Montreal $BMO Shares Sold by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC decreased its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 171,122 shares of the bank’s stock after selling 4,423 shares during the quarter. Bank Of Montreal comprises about 1.6% of Cardinal Point Capital Management ULC’s investment portfolio, making the stock its 17th biggest holding. Cardinal Point Capital Management ULC’s holdings in Bank Of Montreal were worth $28,702,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BMO. Canada Pension Plan Investment Board purchased a new position in shares of Bank Of Montreal in the 2nd quarter worth about $1,281,220,000. TD Waterhouse Canada Inc. boosted its stake in Bank Of Montreal by 0.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 6,371,237 shares of the bank’s stock worth $1,057,374,000 after purchasing an additional 20,334 shares in the last quarter. Caisse de depot et placement du Quebec bought a new position in Bank Of Montreal in the 2nd quarter worth about $957,549,000. Bank of Nova Scotia purchased a new stake in Bank Of Montreal during the 2nd quarter valued at about $920,002,000. Finally, Legal & General Group Plc purchased a new stake in Bank Of Montreal during the 2nd quarter valued at about $744,214,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Stock Up 1.7%

Bank Of Montreal stock opened at $170.32 on Thursday. The firm has a market cap of $118.39 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 1.01 and a beta of 0.95. The stock has a fifty day simple moving average of $171.60 and a two-hundred day simple moving average of $167.40. Bank Of Montreal has a 12 month low of $119.84 and a 12 month high of $187.22. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted 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. The firm had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.94 billion. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.23 earnings per share. Equities analysts predict that Bank Of Montreal will post 10.65 EPS for the current fiscal year.

Bank Of Montreal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be issued a C$1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, October 30th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 54.29%.

Analyst Ratings Changes

A number of research firms have weighed in on BMO. Canadian Imperial Bank of Commerce lowered shares of Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, August 18th. Keefe, Bruyette & Woods initiated coverage on shares of Bank Of Montreal in a report on Friday, August 21st. They issued an “outperform” rating for the company. TD Securities reiterated a “buy” rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Finally, Weiss Ratings cut shares of Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, October 14th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Bank Of Montreal currently has a consensus rating of “Hold” and an average target price of $244.00.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.