Nuveen LLC Acquires New Stake in Bank Of Montreal $BMO

Key Points

• Nuveen LLC recently acquired 545,351 shares of Bank Of Montreal, approximately valued at $52 million, which represents about 0.08% of the bank's total stock at the end of the last quarter.
• Bank of Montreal announced an increase in its quarterly dividend from $1.11 to $1.1801, resulting in an annualized dividend yield of 4.1%.
• The stock currently holds an average rating of "Hold" from analysts, with a price target of $129.50, while it has seen trading move down by 0.5% recently.

Nuveen LLC bought a new stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 545,351 shares of the bank's stock, valued at approximately $52,070,000. Nuveen LLC owned approximately 0.08% of Bank Of Montreal at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC increased its position 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 bought a new stake in Bank Of Montreal in the 1st quarter valued at about $34,000. Dunhill Financial LLC bought a new stake in Bank Of Montreal in the 4th quarter valued at about $39,000. HM Payson & Co. bought a new stake in Bank Of Montreal in the 1st quarter valued at about $42,000. Finally, CX Institutional bought a new stake in Bank Of Montreal during the 1st quarter worth approximately $42,000. 45.82% of the stock is owned by institutional investors.

Bank Of Montreal Stock Performance

Shares of NYSE BMO traded up $0.08 during midday trading on Tuesday, reaching $113.16. The company's stock had a trading volume of 78,674 shares, compared to its average volume of 661,599. Bank Of Montreal has a 12-month low of $81.13 and a 12-month high of $115.66. The firm has a 50 day moving average price of $111.37 and a 200-day moving average price of $103.15. The stock has a market capitalization of $81.06 billion, a P/E ratio of 14.68, a PEG ratio of 1.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, hitting 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 firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter in the previous year, the business earned $2.59 EPS. The company's revenue was up 8.8% compared to the same quarter last year. As a group, equities analysts predict that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be paid a $1.1801 dividend. The ex-dividend date is Wednesday, July 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 annualized dividend and a yield of 4.2%. Bank Of Montreal's dividend payout ratio (DPR) is currently 62.13%.

Analyst Upgrades and Downgrades

BMO has been the subject of a number of recent research reports. National Bankshares reissued an "outperform" rating on shares of Bank Of Montreal in a report on Friday. Wall Street Zen raised Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Scotiabank initiated coverage on Bank Of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating for the company. CIBC reissued a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Finally, Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Bank Of Montreal presently has an average rating of "Hold" and a consensus target price of $129.50.

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.