810,135 Shares in Bank Of Montreal $BMO Purchased by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp. purchased 810,135 Bank of Montreal shares worth approximately $143 million, making BMO its 15th-largest holding and representing about 0.12% of the bank.
• Institutional investors own 45.82% of BMO, while analysts maintain a consensus “Hold” rating with a $163 price target; the stock recently opened at $185.75.
• BMO exceeded quarterly earnings expectations with $2.68 EPS and $7.04 billion in revenue, and raised its quarterly dividend to $1.71 per share, equal to a 3.7% annualized yield.

Alberta Investment Management Corp purchased a new stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 810,135 shares of the bank's stock, valued at approximately $143,045,000. Bank Of Montreal makes up approximately 0.8% of Alberta Investment Management Corp's holdings, making the stock its 15th biggest holding. Alberta Investment Management Corp owned approximately 0.12% of Bank Of Montreal at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in shares of Bank Of Montreal by 87.1% during the first quarter. AQR Capital Management LLC now owns 5,742 shares of the bank's stock valued at $548,000 after acquiring an additional 2,673 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Bank Of Montreal in the 2nd quarter valued at $1,018,000. Cerity Partners LLC lifted its holdings in Bank Of Montreal by 1.4% in the 2nd quarter. Cerity Partners LLC now owns 12,364 shares of the bank's stock valued at $1,368,000 after purchasing an additional 167 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Bank Of Montreal by 166.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 411,108 shares of the bank's stock worth $45,518,000 after purchasing an additional 256,755 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Bank Of Montreal by 5,614.3% during the 2nd quarter. NewEdge Advisors LLC now owns 2,800 shares of the bank's stock worth $310,000 after purchasing an additional 2,751 shares during the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on BMO. Zacks Research cut shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings lowered shares of Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Desjardins reaffirmed a "hold" rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. TD Securities reiterated a "buy" rating on shares of Bank Of Montreal in a report on Wednesday. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Bank Of Montreal has an average rating of "Hold" and a consensus price target of $163.00.

Bank Of Montreal Stock Performance

NYSE:BMO opened at $185.75 on Monday. The company's 50-day moving average is $176.43 and its two-hundred day moving average is $157.03. Bank Of Montreal has a 1-year low of $112.21 and a 1-year high of $185.86. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $129.49 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 1.04 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.54 by $0.14. The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The business's revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.62 EPS. Analysts forecast that Bank Of Montreal will post 11.86 EPS for the current year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 3.7%. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. Bank Of Montreal's payout ratio is 51.06%.

Bank Of Montreal Company Profile

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.

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