Bank Of Montreal $BMO Shares Sold by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management Inc. reduced its stake in Bank of Montreal by 74.7%, owning 60,021 shares after selling 177,173 shares in Q2, with a current value of approximately $6.64 million.
• Bank of Montreal recently declared a quarterly dividend of $1.63, representing a 5.2% yield and an increase from the previous dividend of $1.18.
• Despite a revenue of $6.51 billion, the company reported earnings per share (EPS) of $2.33, beating estimates, while analysts predict a 7.71 EPS for the fiscal year.

Cidel Asset Management Inc. reduced its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 74.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,021 shares of the bank's stock after selling 177,173 shares during the quarter. Cidel Asset Management Inc.'s holdings in Bank Of Montreal were worth $6,638,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State of Wyoming grew its position in Bank Of Montreal by 237.4% in the 1st quarter. State of Wyoming now owns 14,254 shares of the bank's stock valued at $1,361,000 after acquiring an additional 10,029 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Bank Of Montreal by 66.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank's stock valued at $351,154,000 after acquiring an additional 1,469,084 shares in the last quarter. Baskin Financial Services Inc. grew its position in Bank Of Montreal by 134.2% in the 1st quarter. Baskin Financial Services Inc. now owns 7,428 shares of the bank's stock valued at $709,000 after acquiring an additional 4,256 shares in the last quarter. Code Waechter LLC purchased a new position in shares of Bank Of Montreal in the 1st quarter valued at about $282,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Bank Of Montreal in the 1st quarter valued at about $1,886,000. 45.82% of the stock is owned by institutional investors and hedge funds.

Bank Of Montreal Stock Performance

Shares of BMO opened at $124.96 on Friday. The stock has a 50 day moving average price of $123.84 and a 200 day moving average price of $111.16. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $89.33 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03. Bank Of Montreal has a 52-week low of $85.40 and a 52-week high of $131.36.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.21. The firm had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.64 earnings per share. Research analysts predict that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 5.2%. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. The ex-dividend date of this dividend is Thursday, October 30th. Bank Of Montreal's dividend payout ratio is currently 58.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BMO shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank Of Montreal in a research note on Wednesday, October 8th. Cowen reiterated a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. CIBC upgraded Bank Of Montreal from a "neutral" rating to a "sector outperform" rating in a research note on Friday, September 5th. UBS Group reiterated a "neutral" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Finally, Royal Bank Of Canada cut Bank Of Montreal from an "outperform" rating to a "sector perform" rating and decreased their price objective for the company from $168.00 to $163.00 in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.

Bank Of Montreal Company Profile

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.

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