Hillsdale Investment Management Inc. Raises Stake in Bank Of Montreal $BMO

Hillsdale Investment Management Inc. grew its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 13.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 543,809 shares of the bank’s stock after acquiring an additional 65,689 shares during the quarter. Bank Of Montreal accounts for approximately 2.0% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 7th largest holding. Hillsdale Investment Management Inc.’s holdings in Bank Of Montreal were worth $73,639,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Bank Of Montreal by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank’s stock valued at $4,287,878,000 after purchasing an additional 673,248 shares during the last quarter. TD Asset Management Inc boosted its holdings in Bank Of Montreal by 1.5% during the fourth quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank’s stock worth $2,519,180,000 after purchasing an additional 293,575 shares during the last quarter. FIL Ltd boosted its holdings in Bank Of Montreal by 15.2% during the fourth quarter. FIL Ltd now owns 9,445,162 shares of the bank’s stock worth $1,226,622,000 after purchasing an additional 1,245,500 shares during the last quarter. Norges Bank bought a new stake in Bank Of Montreal in the 4th quarter worth about $1,059,320,000. Finally, Geode Capital Management LLC grew its position in Bank Of Montreal by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,030,219 shares of the bank’s stock worth $932,242,000 after purchasing an additional 442,812 shares in the last quarter. Institutional investors own 45.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Desjardins reissued a “hold” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. TD Securities reaffirmed a “buy” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Scotiabank reaffirmed an “outperform” rating on shares of Bank Of Montreal in a research report on Tuesday, June 16th. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Finally, Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bank Of Montreal currently has a consensus rating of “Hold” and an average target price of $163.00.

Bank Of Montreal Stock Performance

NYSE BMO opened at $178.68 on Tuesday. The company has a market capitalization of $125.15 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02. Bank Of Montreal has a 52-week low of $109.64 and a 52-week high of $180.09. The company has a 50-day simple moving average of $165.58 and a 200 day simple moving average of $149.07.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The firm had revenue of $7.04 billion for the quarter, compared to analysts’ expectations of $6.98 billion. During the same period in the previous year, the company earned $2.62 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that Bank Of Montreal will post 11.82 EPS for the current year.

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be issued a $1.71 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 3.8%. Bank Of Montreal’s payout ratio is presently 50.96%.

About Bank Of Montreal

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.