Bank Of Montreal (NYSE:BMO) Position Lifted by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has increased its stake in Bank of Montreal by 22.2%, now owning over 1.7 million shares, which constitute approximately 1.1% of its total holdings.
• Several institutional investors have also boosted their positions in Bank of Montreal, contributing to a total institutional ownership of 45.82% in the company.
• Bank of Montreal recently reported a quarterly dividend increase, raising the payment to $1.1801 per share, up from the previous $1.11, representing an annualized dividend yield of 4.3%.

Alberta Investment Management Corp increased its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 22.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,700,523 shares of the bank's stock after buying an additional 308,523 shares during the period. Bank Of Montreal comprises 1.1% of Alberta Investment Management Corp's portfolio, making the stock its 11th largest holding. Alberta Investment Management Corp owned 0.23% of Bank Of Montreal worth $162,366,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Cary Street Partners Financial LLC purchased a new stake in shares of Bank Of Montreal in the fourth quarter valued at about $380,000. Baskin Financial Services Inc. lifted its holdings in shares of Bank Of Montreal by 134.2% in the first quarter. Baskin Financial Services Inc. now owns 7,428 shares of the bank's stock valued at $709,000 after purchasing an additional 4,256 shares in the last quarter. Code Waechter LLC purchased a new stake in shares of Bank Of Montreal in the first quarter valued at about $282,000. Cetera Investment Advisers lifted its holdings in shares of Bank Of Montreal by 185.1% in the fourth quarter. Cetera Investment Advisers now owns 55,745 shares of the bank's stock valued at $5,410,000 after purchasing an additional 36,195 shares in the last quarter. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Bank Of Montreal in the first quarter valued at about $606,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank Of Montreal Trading Up 0.4%

Shares of NYSE:BMO traded up $0.41 during trading on Friday, reaching $110.85. The stock had a trading volume of 730,541 shares, compared to its average volume of 792,144. The business has a fifty day moving average price of $110.06 and a 200-day moving average price of $102.11. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. The stock has a market cap of $79.63 billion, a P/E ratio of 14.38, a PEG ratio of 1.22 and a beta of 1.07. Bank Of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $115.66.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings data on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, meeting analysts' consensus estimates of $1.84. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $8.79 billion. During the same quarter in the previous year, the business posted $2.59 earnings per share. The company's revenue was up 8.8% on a year-over-year basis. As a group, analysts anticipate that Bank Of Montreal will post 7.71 earnings per share 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 dividend of $1.1801 per share. This represents a $4.72 annualized dividend and a yield of 4.3%. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Wednesday, July 30th. Bank Of Montreal's dividend payout ratio (DPR) is currently 62.13%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BMO shares. Scotiabank started coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Wall Street Zen downgraded shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Friday, July 18th. CIBC reaffirmed a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Finally, Cibc World Mkts lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, Bank Of Montreal has a consensus rating of "Hold" and a consensus price target of $129.50.

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.