28,469 Bank Of Montreal $BMO Shares Sold by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments cut its Bank of Montreal stake by 16.6% in the third quarter, selling 28,469 shares and retaining 143,429 shares valued at approximately $24.0 million.
• Bank of Montreal reported quarterly EPS of $2.84, beating estimates of $2.71, while revenue reached $7.10 billion and increased 10.1% year over year.
• The bank declared a quarterly dividend of C$1.71 per share, equivalent to an annualized C$6.84 dividend and a 4.1% yield; analysts maintain a consensus “Hold” rating.

Montrusco Bolton Investments Inc. trimmed its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 16.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,429 shares of the bank's stock after selling 28,469 shares during the period. Montrusco Bolton Investments Inc.'s holdings in Bank Of Montreal were worth $24,041,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BMO. Edmond DE Rothschild Holding S.A. purchased a new position in Bank Of Montreal in the second quarter valued at about $28,000. Western Wealth Management LLC acquired a new position in Bank Of Montreal in the 1st quarter worth about $38,000. Highland Investment Advisors LLC purchased a new stake in shares of Bank Of Montreal during the 2nd quarter worth about $63,000. Virtus Advisers LLC purchased a new stake in shares of Bank Of Montreal during the 2nd quarter worth about $95,000. Finally, Eastern Bank purchased a new stake in shares of Bank Of Montreal during the 2nd quarter worth about $88,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of Montreal Stock Performance

Bank Of Montreal stock traded up $1.43 on Tuesday, reaching $165.31. 405,319 shares of the stock were exchanged, compared to its average volume of 795,380. The stock has a market cap of $114.90 billion, a PE ratio of 18.66, a PEG ratio of 0.97 and a beta of 0.95. 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 has a twelve month low of $119.84 and a twelve month high of $187.22. The firm has a fifty day moving average price of $173.69 and a two-hundred day moving average price of $165.82.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.13. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.94 billion. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business posted $3.23 earnings per share. Sell-side analysts anticipate that Bank Of Montreal will post 10.76 EPS for the current year.

Bank Of Montreal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be paid a dividend of C$1.71 per share. The ex-dividend date is Friday, October 30th. This represents a $6.84 annualized dividend and a yield of 4.1%. Bank Of Montreal's dividend payout ratio is presently 54.29%.

Analysts Set New Price Targets

BMO has been the subject of several research reports. Canadian Imperial Bank of Commerce lowered Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a report on Tuesday, August 18th. Weiss Ratings upgraded Bank Of Montreal from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, September 29th. Keefe, Bruyette & Woods began coverage on shares of Bank Of Montreal in a research report on Friday, August 21st. They issued an "outperform" rating for the company. Barclays reissued an "underweight" rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Finally, Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research note on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $244.00.

Bank Of Montreal Company Profile

Bank of Montreal, operating under the BMO Financial Group name, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and the country's oldest continuously operating bank.

BMO provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and cash-management products. Through its wealth management businesses, the company offers investment, advisory, private banking, asset-management and retirement-planning services to individuals, families and institutions.

The company also operates a capital markets business that provides investment banking, corporate lending, financial advisory, trading, research and other services to corporations, governments and institutional clients.

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