Bank Of Montreal $BMO Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. reduced its stake in Bank Of Montreal by 6.1% during the first quarter, selling 451,369 shares and retaining a total of approximately 6.94 million shares.
• Multiple hedge funds have shown activity around Bank Of Montreal, with Cary Street Partners increasing their stake by 228.9% and several others initiating new positions during the same quarter.
• The Bank of Montreal recently announced a quarterly dividend of $1.1801 per share, increasing from the previous $1.11, reflecting a commitment to return value to its shareholders.

1832 Asset Management L.P. reduced its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 6.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,940,637 shares of the bank's stock after selling 451,369 shares during the quarter. Bank Of Montreal makes up approximately 0.6% of 1832 Asset Management L.P.'s investment portfolio, making the stock its 21st largest position. 1832 Asset Management L.P. owned about 0.96% of Bank Of Montreal worth $662,900,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in BMO. Cary Street Partners Investment Advisory LLC grew its holdings in Bank Of Montreal by 228.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after buying an additional 190 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Bank Of Montreal during the 1st quarter worth about $34,000. Dunhill Financial LLC acquired a new stake in shares of Bank Of Montreal during the 4th quarter worth about $39,000. CX Institutional acquired a new stake in shares of Bank Of Montreal during the 1st quarter worth about $42,000. Finally, HM Payson & Co. acquired a new stake in shares of Bank Of Montreal during the 1st quarter worth about $42,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on BMO shares. National Bankshares reissued an "outperform" rating on shares of Bank Of Montreal in a research report on Friday, August 15th. Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. CIBC restated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Wall Street Zen upgraded shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank initiated coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank Of Montreal currently has a consensus rating of "Hold" and a consensus target price of $129.50.

Bank Of Montreal Trading Up 1.9%

Bank Of Montreal stock traded up $2.1350 during midday trading on Friday, reaching $114.6750. 628,595 shares of the stock traded hands, compared to its average volume of 620,754. The company has a 50-day simple moving average of $111.82 and a two-hundred day simple moving average of $103.57. Bank Of Montreal has a 12-month low of $81.13 and a 12-month high of $115.66. The firm has a market cap of $82.15 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Wednesday, May 28th. The bank reported $1.84 EPS for the quarter, meeting analysts' consensus estimates of $1.84. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%.The company had revenue of $6.32 billion during the quarter, compared to analysts' expectations of $8.79 billion. During the same period last year, the business posted $2.59 EPS. Bank Of Montreal's revenue for the quarter was up 8.8% on a year-over-year basis. Research analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be issued a dividend of $1.1801 per share. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 dividend on an annualized basis and a yield of 4.1%. Bank Of Montreal's dividend payout ratio (DPR) is 62.13%.

Bank Of Montreal 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.