Bank Of Montreal $BMO Shares Sold by Cardinal Capital Management Inc.

Key Points

• Cardinal Capital Management reduced its Bank of Montreal stake by 1.5% in the third quarter, selling 15,436 shares. It still held 983,830 shares valued at approximately $164.9 million, representing 3.7% of its portfolio.
• Analyst sentiment is mixed: six analysts rate BMO a Buy, six rate it a Hold and one rates it a Sell. The consensus rating is Hold, with a target price of $244.
• Bank of Montreal exceeded quarterly expectations with EPS of $2.84 and revenue of $7.10 billion, while revenue rose 10.1% year over year. The bank also declared a C$1.71 quarterly dividend, implying a 4.1% annualized yield.

Cardinal Capital Management Inc. lowered its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 1.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 983,830 shares of the bank's stock after selling 15,436 shares during the period. Bank Of Montreal comprises 3.7% of Cardinal Capital Management Inc.'s portfolio, making the stock its 6th largest holding. Cardinal Capital Management Inc. owned approximately 0.14% of Bank Of Montreal worth $164,939,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BMO. Bank of Nova Scotia acquired a new stake in shares of Bank Of Montreal during the 2nd quarter valued at about $920,002,000. Tacita Capital Inc acquired a new position in Bank Of Montreal in the second quarter worth about $1,518,000. Andra AP fonden acquired a new position in Bank Of Montreal in the first quarter worth about $3,979,000. Deutsche Bank AG acquired a new position in Bank Of Montreal in the second quarter worth about $235,791,000. Finally, Public Employees Retirement System of Ohio bought a new position in Bank Of Montreal during the second quarter worth about $10,555,000. Institutional investors own 45.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BMO. Barclays reaffirmed an "underweight" rating on shares of Bank Of Montreal in a report on Friday, August 21st. TD Securities reissued a "buy" rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on Bank Of Montreal in a report on Friday, August 21st. They issued an "outperform" rating for the company. Royal Bank Of Canada restated a "sector perform" rating on shares of Bank Of Montreal in a research report on Thursday, August 27th. Finally, Weiss Ratings lowered Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $244.00.

Bank Of Montreal Stock Up 0.6%

BMO opened at $167.13 on Friday. The firm's 50-day simple moving average is $172.47 and its 200-day simple moving average is $166.48. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. Bank Of Montreal has a twelve month low of $119.84 and a twelve month high of $187.22. The firm has a market cap of $116.17 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 0.99 and a beta of 0.95.

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

Bank Of Montreal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be paid a dividend of C$1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, October 30th. Bank Of Montreal's dividend payout ratio is currently 54.29%.

Bank Of Montreal Company Profile

Bank of Montreal, operating under the BMO Financial Group name, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and the country's oldest continuously operating bank.

BMO provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and cash-management products. Through its wealth management businesses, the company offers investment, advisory, private banking, asset-management and retirement-planning services to individuals, families and institutions.

The company also operates a capital markets business that provides investment banking, corporate lending, financial advisory, trading, research and other services to corporations, governments and institutional clients.

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