The Manufacturers Life Insurance Company Sells 758,058 Shares of Bank Of Montreal $BMO

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Bank Of Montreal shares by 11.1%, now owning about 0.84% of the bank, worth approximately $583.8 million after selling 758,058 shares.
• Bank Of Montreal announced a quarterly dividend increase from $1.18 to $1.63, with an upcoming payment date of November 26th and an annualized yield of 5.5%.
• In its latest earnings report, Bank Of Montreal reported $2.33 earnings per share, exceeding estimates, while revenue rose 9.7% year-over-year despite falling short of consensus predictions.

The Manufacturers Life Insurance Company cut its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 11.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,080,113 shares of the bank's stock after selling 758,058 shares during the quarter. The Manufacturers Life Insurance Company owned 0.84% of Bank Of Montreal worth $583,781,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BMO. Cary Street Partners Investment Advisory LLC increased its stake in Bank Of Montreal by 228.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after buying an additional 190 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Bank Of Montreal in the 1st quarter valued at about $34,000. Dunhill Financial LLC acquired a new stake in shares of Bank Of Montreal in the fourth quarter valued at about $39,000. Truvestments Capital LLC bought a new stake in Bank Of Montreal during the first quarter worth about $39,000. Finally, HM Payson & Co. acquired a new position in Bank Of Montreal during the first quarter valued at approximately $42,000. 45.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BMO. Wall Street Zen cut Bank Of Montreal from a "hold" rating to a "sell" rating in a research report on Saturday. Cowen reiterated a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. National Bankshares reiterated an "outperform" rating on shares of Bank Of Montreal in a research note on Friday, August 15th. Finally, Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Bank Of Montreal presently has a consensus rating of "Hold" and an average price target of $168.00.

Bank Of Montreal Trading Up 0.5%

Shares of Bank Of Montreal stock traded up $0.64 during midday trading on Tuesday, reaching $121.64. 534,932 shares of the company's stock traded hands, compared to its average volume of 671,781. The stock has a 50 day moving average of $113.36 and a 200-day moving average of $104.37. Bank Of Montreal has a 12 month low of $81.69 and a 12 month high of $121.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $87.14 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.04.

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

Bank Of Montreal Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Thursday, October 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. This represents a $6.52 dividend on an annualized basis and a dividend yield of 5.4%. Bank Of Montreal's payout ratio is 58.63%.

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.