Frank Rimerman Advisors LLC Makes New Investment in Bank Of Montreal $BMO

Frank Rimerman Advisors LLC bought a new position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,357 shares of the bank’s stock, valued at approximately $482,000.

Several other hedge funds also recently made changes to their positions in BMO. Cary Street Partners Investment Advisory LLC grew its position in Bank Of Montreal by 228.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank’s stock worth $26,000 after buying an additional 190 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of Bank Of Montreal during the 1st quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Bank Of Montreal during the 1st quarter worth $39,000. Harbor Asset Planning Inc. bought a new position in shares of Bank Of Montreal in the second quarter worth $39,000. Finally, Princeton Global Asset Management LLC raised its stake in Bank Of Montreal by 40.0% in the second quarter. Princeton Global Asset Management LLC now owns 350 shares of the bank’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BMO shares. Royal Bank Of Canada downgraded shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $168.00 to $163.00 in a research note on Friday, October 3rd. Cowen reiterated a “hold” rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Scotiabank restated a “sector perform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Wall Street Zen cut Bank Of Montreal from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, CIBC raised Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.00.

Bank Of Montreal Stock Performance

Shares of Bank Of Montreal stock opened at $121.79 on Thursday. The company’s 50 day moving average price is $126.66 and its two-hundred day moving average price is $116.39. The firm has a market capitalization of $86.67 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.28 and a beta of 1.04. Bank Of Montreal has a fifty-two week low of $85.40 and a fifty-two week high of $131.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.21. The company had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $8.84 billion. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.Bank Of Montreal’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.64 EPS. On average, equities analysts forecast that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 5.4%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. Bank Of Montreal’s dividend payout ratio (DPR) is presently 57.28%.

Bank Of Montreal Company Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.