American Century Companies Inc. Raises Position in Bank Of Montreal $BMO

Key Points

• American Century Companies raised its stake in Bank of Montreal by 23.8% in Q3 to 243,615 shares (worth about $31.75M), and other institutions also increased positions—institutions now own 45.82% of BMO.
• Q results beat expectations: BMO reported $2.51 EPS vs. $2.35 expected and revenue of $7.21B vs. $6.73B, and announced a quarterly dividend of $1.67 (annualized $6.68) yielding ~4.7% with an ex-dividend date of April 29.
• Shares opened at $142.17 with a 52-week range of $85.40–$149.01 and a market cap of $100.41B; analysts’ consensus is a “Moderate Buy” with an average target price of $163.00.

American Century Companies Inc. lifted its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 23.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 243,615 shares of the bank's stock after purchasing an additional 46,884 shares during the period. American Century Companies Inc.'s holdings in Bank Of Montreal were worth $31,745,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in BMO. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Bank Of Montreal by 18.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 739,598 shares of the bank's stock valued at $82,015,000 after acquiring an additional 114,458 shares during the last quarter. Citigroup Inc. lifted its position in Bank Of Montreal by 36.6% during the 3rd quarter. Citigroup Inc. now owns 502,382 shares of the bank's stock worth $65,479,000 after acquiring an additional 134,699 shares during the period. Addenda Capital Inc. lifted its holdings in shares of Bank Of Montreal by 9.5% during the third quarter. Addenda Capital Inc. now owns 734,616 shares of the bank's stock worth $95,684,000 after purchasing an additional 63,432 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Bank Of Montreal by 17.3% in the 3rd quarter. CIBC Asset Management Inc now owns 7,260,160 shares of the bank's stock worth $949,441,000 after acquiring an additional 1,070,546 shares during the period. Finally, JCIC Asset Management Inc. acquired a new stake in Bank Of Montreal in the third quarter valued at about $7,939,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank Of Montreal Stock Down 1.3%

Shares of NYSE:BMO opened at $142.17 on Friday. Bank Of Montreal has a 52-week low of $85.40 and a 52-week high of $149.01. The company has a market capitalization of $100.41 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $138.85 and a two-hundred day moving average of $130.42.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings data on Wednesday, February 25th. The bank reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Bank Of Montreal had a net margin of 11.76% and a return on equity of 12.16%. The firm had revenue of $7.21 billion for the quarter, compared to analyst estimates of $6.73 billion. During the same quarter in the previous year, the business posted $3.04 EPS. The firm's revenue was up 6.0% compared to the same quarter last year. As a group, analysts forecast that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Wednesday, April 29th will be paid a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Wednesday, April 29th. Bank Of Montreal's payout ratio is 56.56%.

Wall Street Analyst Weigh In

A number of research firms have commented on BMO. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank Of Montreal in a report on Monday, December 29th. Wall Street Zen upgraded shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Zacks Research upgraded Bank Of Montreal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 19th. TD Securities raised shares of Bank Of Montreal from a "hold" rating to a "buy" rating in a research note on Tuesday, January 27th. Finally, National Bank Financial reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $163.00.

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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