Acadian Asset Management LLC Purchases 4,758 Shares of Bank Of Montreal $BMO

Key Points

• Acadian Asset Management LLC increased its stake in Bank Of Montreal by 65.7%, acquiring an additional 4,758 shares during the first quarter.
• Bank Of Montreal announced a quarterly dividend increase to $1.63 per share, up from $1.18, reflecting a 5.0% annual yield.
• The bank's latest earnings report showed revenue of $6.51 billion, with earnings per share exceeding analysts' estimates at $2.33.

Acadian Asset Management LLC raised its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 65.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,000 shares of the bank's stock after acquiring an additional 4,758 shares during the period. Acadian Asset Management LLC's holdings in Bank Of Montreal were worth $1,144,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC lifted its position in shares of 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 worth $26,000 after purchasing an additional 190 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of Bank Of Montreal in the first quarter worth $34,000. Truvestments Capital LLC acquired a new stake in Bank Of Montreal during the first quarter valued at $39,000. CX Institutional acquired a new stake in shares of Bank Of Montreal in the first quarter valued at about $42,000. Finally, HM Payson & Co. purchased a new position in shares of Bank Of Montreal in the first quarter worth about $42,000. 45.82% of the stock is owned by hedge funds and other institutional investors.

Bank Of Montreal Stock Up 0.7%

NYSE:BMO traded up $0.90 on Friday, hitting $130.29. 628,552 shares of the company's stock traded hands, compared to its average volume of 713,949. The company has a market cap of $93.14 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.32 and a beta of 1.04. The firm has a 50-day moving average price of $117.73 and a 200-day moving average price of $106.77. Bank Of Montreal has a 1 year low of $85.40 and a 1 year high of $131.26. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, beating the consensus estimate of $2.12 by $0.21. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The business had revenue of $6.51 billion during the quarter, compared to analysts' expectations of $8.84 billion. During the same quarter in the previous year, the business posted $2.64 EPS. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. Equities analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be paid a $1.63 dividend. The ex-dividend date is Thursday, October 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. This represents a $6.52 dividend on an annualized basis and a dividend yield of 5.0%. Bank Of Montreal's dividend payout ratio is currently 58.63%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BMO. Scotiabank restated a "sector perform" rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. National Bankshares reissued an "outperform" rating on shares of Bank Of Montreal in a research note on Friday, August 15th. Wall Street Zen lowered shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Cowen restated a "hold" rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. Finally, CIBC upgraded shares of Bank Of Montreal from a "neutral" rating to a "sector outperform" rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $168.00.

About Bank Of Montreal

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.