Assenagon Asset Management S.A. trimmed its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 77.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,780 shares of the bank’s stock after selling 114,304 shares during the period. Assenagon Asset Management S.A.’s holdings in Bank of Montreal were worth $2,416,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BMO. Cerebellum GP LLC acquired a new position in Bank of Montreal during the 3rd quarter worth $31,000. Lipe & Dalton acquired a new position in Bank of Montreal during the 2nd quarter worth $38,000. NEXT Financial Group Inc grew its holdings in Bank of Montreal by 38.5% during the 2nd quarter. NEXT Financial Group Inc now owns 518 shares of the bank’s stock worth $39,000 after acquiring an additional 144 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in Bank of Montreal during the 2nd quarter worth $74,000. Finally, Stonebridge Capital Advisors LLC acquired a new position in Bank of Montreal during the 2nd quarter worth $94,000. 41.09% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on BMO shares. ValuEngine raised shares of Bank of Montreal from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Scotiabank restated a “hold” rating on shares of Bank of Montreal in a research report on Tuesday, August 20th. Credit Suisse Group upgraded shares of Bank of Montreal from an “underperform” rating to a “neutral” rating and set a $93.00 price target on the stock in a research report on Friday, September 6th. Finally, Zacks Investment Research downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $95.67.
Bank of Montreal stock opened at $73.77 on Friday. The firm’s 50-day moving average is $72.00 and its 200-day moving average is $74.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02. Bank of Montreal has a 1 year low of $62.79 and a 1 year high of $79.59. The company has a market cap of $47.14 billion, a P/E ratio of 10.55, a PEG ratio of 1.97 and a beta of 1.18.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Tuesday, August 27th. The bank reported $1.79 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($0.07). Bank of Montreal had a return on equity of 14.14% and a net margin of 16.48%. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the business posted $2.31 earnings per share. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of Montreal will post 7.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Friday, November 1st will be given a $0.781 dividend. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.77. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date is Thursday, October 31st. Bank of Montreal’s dividend payout ratio (DPR) is presently 44.64%.
About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.
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