AGF Management Ltd. Has $60.63 Million Stock Holdings in Bank Of Montreal (NYSE:BMO)

Key Points

• AGF Management Ltd. reduced its stake in Bank Of Montreal (BMO) by 35.3%, selling 345,968 shares and now holding 634,805 shares valued at approximately $60.63 million.
• Bank Of Montreal declared a quarterly dividend of $1.1801, marking an increase from the previous $1.11, with an annualized yield of 4.2%.
• The consensus rating for Bank Of Montreal is currently a "Hold", with an average target price of $129.50 per share.

AGF Management Ltd. trimmed its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 35.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 634,805 shares of the bank's stock after selling 345,968 shares during the quarter. AGF Management Ltd. owned approximately 0.09% of Bank Of Montreal worth $60,630,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BMO. Brooklyn FI LLC acquired a new stake in shares of Bank Of Montreal during the fourth quarter valued at about $214,000. Invesco Ltd. boosted its holdings in Bank Of Montreal by 35.8% in the fourth quarter. Invesco Ltd. now owns 1,094,053 shares of the bank's stock valued at $106,178,000 after acquiring an additional 288,529 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Bank Of Montreal in the fourth quarter valued at approximately $48,353,000. Argent Trust Co bought a new stake in Bank Of Montreal in the fourth quarter valued at approximately $271,000. Finally, Townsquare Capital LLC bought a new stake in Bank Of Montreal in the fourth quarter valued at approximately $224,000. 45.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on BMO. Barclays cut Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Scotiabank began coverage on Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Wall Street Zen upgraded Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday. Finally, CIBC restated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $129.50.

Bank Of Montreal Price Performance

Shares of NYSE:BMO opened at $112.82 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. Bank Of Montreal has a twelve month low of $80.97 and a twelve month high of $115.66. The stock's 50 day moving average is $110.72 and its 200-day moving average is $102.59. The firm has a market capitalization of $81.04 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.24 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued 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 company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. During the same period in the prior year, the firm earned $2.59 earnings per share. Bank Of Montreal's revenue for the quarter was up 8.8% on a year-over-year basis. Sell-side analysts forecast that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be given a $1.1801 dividend. This represents a $4.72 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Wednesday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's payout ratio is currently 62.13%.

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.

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