Bank Of Montreal $BMO Stock: Candriam S.C.A. Cuts Position

Key Points

• Candriam S.C.A. cut its Bank of Montreal stake by 14.5% in the third quarter, selling 30,412 shares and ending the period with 178,726 shares valued at about $30.1 million.
• BMO reported quarterly earnings of $2.84 per share, beating analyst expectations of $2.71, while revenue rose 10.1% year over year to $7.10 billion.
• The bank announced a quarterly dividend of C$1.71 per share, equivalent to a 4.0% yield. Analyst views were mixed, with an overall MarketBeat rating of “Hold.”

Candriam S.C.A. decreased its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 14.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 178,726 shares of the bank's stock after selling 30,412 shares during the period. Candriam S.C.A.'s holdings in Bank Of Montreal were worth $30,067,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC lifted its position in Bank Of Montreal by 0.3% during the 2nd quarter. HighTower Advisors LLC now owns 22,179 shares of the bank's stock worth $3,919,000 after acquiring an additional 58 shares in the last quarter. Carter Financial Group INC. boosted its holdings in Bank Of Montreal by 5.8% in the 3rd quarter. Carter Financial Group INC. now owns 1,201 shares of the bank's stock worth $201,000 after acquiring an additional 66 shares during the period. Versant Capital Management Inc grew its position in Bank Of Montreal by 1.9% in the second quarter. Versant Capital Management Inc now owns 4,241 shares of the bank's stock valued at $749,000 after acquiring an additional 78 shares in the last quarter. Park Avenue Securities LLC grew its position in Bank Of Montreal by 4.2% in the third quarter. Park Avenue Securities LLC now owns 1,967 shares of the bank's stock valued at $329,000 after acquiring an additional 80 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its stake in shares of Bank Of Montreal by 2.9% during the first quarter. Checchi Capital Advisers LLC now owns 3,141 shares of the bank's stock valued at $425,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank Of Montreal Trading Down 0.1%

Shares of BMO opened at $170.94 on Monday. Bank Of Montreal has a 1-year low of $119.84 and a 1-year high of $187.22. The business's 50-day moving average price is $170.43 and its 200 day moving average price is $160.84. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $118.24 billion, a P/E ratio of 19.29, a P/E/G ratio of 0.92 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $0.13. The company had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $6.94 billion. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The business's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.23 earnings per share. Analysts expect that Bank Of Montreal will post 10.65 earnings per share for the current year.

Bank Of Montreal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be issued a C$1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, October 30th. Bank Of Montreal's payout ratio is 54.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BMO. Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a report on Friday, August 21st. TD Securities restated a "buy" rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Weiss Ratings lowered Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, October 14th. Keefe, Bruyette & Woods started coverage on Bank Of Montreal in a research note on Friday, August 21st. They issued an "outperform" rating on the stock. Finally, Scotiabank reissued an "outperform" rating on shares of Bank Of Montreal in a report on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $244.00.

About Bank Of Montreal

Bank of Montreal, commonly known as BMO Financial Group, is a diversified financial services company serving individuals, businesses, and institutions. Its offerings include personal and commercial banking, such as deposit accounts, loans, mortgages, credit cards, and business banking services.

BMO also provides wealth management and investment services, including financial advice, investment management, and private banking. Through its capital markets business, the company serves corporate, government, and institutional clients with services such as corporate banking, investment banking, and trading.

Founded in Montreal in 1817, BMO is one of Canada's oldest banks.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.