Bank Of Montreal $BMO Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp cut its stake in Bank of Montreal by 20.2% in the fourth quarter, selling 16,417 shares and leaving it with 64,797 shares worth about $8.41 million.
• Bank of Montreal reported strong quarterly results, with EPS of $2.51 beating estimates of $2.35 and revenue of $7.21 billion topping expectations; revenue also rose 6% year over year.
• The bank announced a quarterly dividend of $1.67 per share, equal to an annualized yield of 4.4%, while analysts currently rate the stock a consensus Hold with an average target price of $163.

Truist Financial Corp lessened its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 20.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,797 shares of the bank's stock after selling 16,417 shares during the quarter. Truist Financial Corp's holdings in Bank Of Montreal were worth $8,410,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Bank Of Montreal by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank's stock valued at $4,287,878,000 after acquiring an additional 673,248 shares during the period. Canerector Inc. grew its position in Bank Of Montreal by 18,035.0% in the third quarter. Canerector Inc. now owns 22,668,750 shares of the bank's stock worth $2,952,605,000 after buying an additional 22,543,750 shares during the last quarter. TD Asset Management Inc grew its position in Bank Of Montreal by 10.3% in the third quarter. TD Asset Management Inc now owns 19,079,026 shares of the bank's stock worth $2,486,691,000 after buying an additional 1,789,188 shares during the last quarter. CIBC Asset Management Inc grew its position in Bank Of Montreal by 17.3% in the third quarter. CIBC Asset Management Inc now owns 7,260,160 shares of the bank's stock worth $949,441,000 after buying an additional 1,070,546 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Bank Of Montreal by 4.1% in the third quarter. Legal & General Group Plc now owns 4,525,666 shares of the bank's stock worth $589,861,000 after buying an additional 176,923 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank Of Montreal Trading Up 0.3%

Shares of NYSE:BMO opened at $152.87 on Friday. The firm has a fifty day moving average of $143.49 and a two-hundred day moving average of $135.67. The firm has a market capitalization of $107.14 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. Bank Of Montreal has a 12-month low of $99.19 and a 12-month high of $156.00. 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 (NYSE:BMO - Get Free Report) TSE: BMO last issued its earnings results on Wednesday, February 25th. The bank reported $2.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.35 by $0.16. The company had revenue of $7.21 billion during the quarter, compared to analyst estimates of $6.73 billion. Bank Of Montreal had a net margin of 11.76% and a return on equity of 12.16%. The company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the business posted $3.04 EPS. On average, equities analysts expect that Bank Of Montreal will post 10.25 EPS for the current fiscal year.

Bank Of Montreal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Wednesday, April 29th will be paid a dividend of $1.67 per share. The ex-dividend date of this dividend is Wednesday, April 29th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.4%. Bank Of Montreal's dividend payout ratio (DPR) is 55.75%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Zacks Research lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank Of Montreal in a research note on Friday, April 17th. Finally, National Bank Financial reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average 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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