Bank of America Corp DE Sells 771,002 Shares of Bank Of Montreal $BMO

Key Points

• Bank of America reduced its Bank of Montreal stake by 32.1%, selling 771,002 shares in the first quarter and retaining 1.63 million shares valued at approximately $220.8 million.
• Bank of Montreal reported quarterly EPS of $2.68, beating estimates of $2.54, while revenue increased 10.2% year over year to $7.04 billion.
• The bank raised its quarterly dividend to $1.71 per share, equivalent to an annualized $6.84 payout and a 3.8% yield; analysts maintain a consensus “Hold” rating with a $163 target price.

Bank of America Corp DE lowered its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 32.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,631,276 shares of the bank's stock after selling 771,002 shares during the period. Bank of America Corp DE owned approximately 0.23% of Bank Of Montreal worth $220,777,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. WFA of San Diego LLC acquired a new stake in shares of Bank Of Montreal during the 2nd quarter worth approximately $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Bank Of Montreal during the 4th quarter valued at $29,000. Larson Financial Group LLC lifted its position in shares of Bank Of Montreal by 466.7% during the 3rd quarter. Larson Financial Group LLC now owns 238 shares of the bank's stock valued at $31,000 after acquiring an additional 196 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Bank Of Montreal during the 4th quarter valued at $34,000. Finally, Swiss RE Ltd. bought a new position in Bank Of Montreal during the fourth quarter worth $38,000. 45.82% of the stock is currently owned by institutional investors.

Bank Of Montreal Stock Up 0.2%

BMO stock opened at $179.90 on Tuesday. The firm has a market capitalization of $125.70 billion, a PE ratio of 19.10, a P/E/G ratio of 1.00 and a beta of 0.94. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a twelve month low of $111.12 and a twelve month high of $184.21. The stock's 50 day moving average is $173.02 and its 200-day moving average is $154.10.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. During the same quarter in the prior year, the company posted $2.62 earnings per share. Bank Of Montreal's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts expect that Bank Of Montreal will post 11.82 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, August 26th. Stockholders of record on Thursday, July 30th will be issued a $1.71 dividend. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.67. This represents a $6.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, July 30th. Bank Of Montreal's dividend payout ratio is currently 51.06%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BMO shares. TD Securities reaffirmed a "buy" rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, June 16th. Raymond James Financial reiterated an "outperform" rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Zacks Research downgraded Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Weiss Ratings lowered Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $163.00.

About Bank Of Montreal

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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