Amundi Grows Stake in Bank Of Montreal $BMO

Key Points

• Amundi increased its Bank of Montreal stake by 10% in the second quarter, adding 110,766 shares to own 1.22 million shares valued at approximately $217.8 million. Institutional investors collectively hold 45.82% of the bank’s stock.
• Bank of Montreal beat quarterly expectations, reporting $2.84 in EPS versus the $2.71 estimate and $7.10 billion in revenue, up 10.1% year over year. Analysts have a consensus “Hold” rating and an average price target of $163.
• The bank declared a quarterly dividend of $1.71 per share, equivalent to $6.84 annually and a 3.9% yield, with a payout ratio of 55.64%.

Amundi grew its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 10.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,215,809 shares of the bank's stock after acquiring an additional 110,766 shares during the quarter. Amundi owned about 0.17% of Bank Of Montreal worth $217,822,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc lifted its position in Bank Of Montreal by 1.5% during the fourth quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank's stock valued at $2,519,180,000 after purchasing an additional 293,575 shares during the period. FIL Ltd increased its stake in shares of Bank Of Montreal by 15.2% in the 4th quarter. FIL Ltd now owns 9,445,162 shares of the bank's stock worth $1,226,622,000 after purchasing an additional 1,245,500 shares in the last quarter. Norges Bank bought a new stake in Bank Of Montreal during the fourth quarter valued at about $1,059,320,000. Canada Pension Plan Investment Board bought a new stake in Bank Of Montreal during the second quarter valued at about $1,281,220,000. Finally, Geode Capital Management LLC grew its holdings in Bank Of Montreal by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,030,219 shares of the bank's stock valued at $932,242,000 after purchasing an additional 442,812 shares during the period. Institutional investors own 45.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Canadian Imperial Bank of Commerce lowered shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research report on Tuesday, August 18th. Barclays restated an "underweight" rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Desjardins reaffirmed a "hold" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods initiated coverage on Bank Of Montreal in a research note on Friday, August 21st. They issued an "outperform" rating for the company. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Bank Of Montreal presently has a consensus rating of "Hold" and an average target price of $163.00.

Bank Of Montreal Stock Down 0.2%

Shares of BMO stock opened at $175.11 on Wednesday. Bank Of Montreal has a 52 week low of $119.84 and a 52 week high of $187.22. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The company's fifty day simple moving average is $177.79 and its two-hundred day simple moving average is $161.05. The stock has a market cap of $121.74 billion, a P/E ratio of 19.76, a PEG ratio of 1.04 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.13. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%.The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the previous year, the business earned $3.23 earnings per share. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. Analysts predict that Bank Of Montreal will post 10.76 EPS for the current fiscal year.

Bank Of Montreal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $6.84 dividend on an annualized basis and a yield of 3.9%. Bank Of Montreal's dividend payout ratio is presently 55.64%.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and serves individuals, businesses, institutions and governments through operations in Canada and the United States.

BMO's personal and commercial banking businesses provide deposit accounts, mortgages, consumer lending, credit cards, investment products and financial planning services. The bank also offers commercial lending, treasury management and other banking solutions to businesses of various sizes.

Through BMO Wealth Management, the company provides investment management, private banking, financial planning and related advisory services.

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