Bank Of Montreal $BMO Stock Position Cut by Addenda Capital Inc.

Key Points

• Addenda Capital reduced its stake in Bank of Montreal by 1.3% to 725,333 shares, leaving BMO as its sixth-largest holding valued at about $94.1 million.
• BMO beat expectations in the latest quarter with EPS of $2.51 versus a $2.35 consensus and revenue of $7.21 billion, and analysts carry a consensus "Moderate Buy" rating with a $163 target.
• Dividend announced: BMO declared a quarterly dividend of $1.67 per share (annualized $6.68) implying a ~4.7% yield, with an ex-dividend date of April 29 and payment on May 26.

Addenda Capital Inc. cut its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 725,333 shares of the bank's stock after selling 9,283 shares during the period. Bank Of Montreal accounts for 3.4% of Addenda Capital Inc.'s holdings, making the stock its 6th biggest position. Addenda Capital Inc. owned about 0.10% of Bank Of Montreal worth $94,141,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. WFA of San Diego LLC purchased a new stake in Bank Of Montreal during the second quarter worth $28,000. True Wealth Design LLC purchased a new position in Bank Of Montreal during the third quarter valued at $28,000. Larson Financial Group LLC lifted its holdings in Bank Of Montreal by 466.7% during the third quarter. Larson Financial Group LLC now owns 238 shares of the bank's stock valued at $31,000 after purchasing an additional 196 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Bank Of Montreal during the fourth quarter valued at $34,000. Finally, Sunbelt Securities Inc. purchased a new position in Bank Of Montreal during the third quarter valued at $42,000. 45.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on BMO. Zacks Research raised shares of Bank Of Montreal from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 19th. Scotiabank reiterated a "sector perform" rating on shares of Bank Of Montreal in a research report on Friday, January 9th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Bank Of Montreal in a research report on Monday, December 29th. Barclays cut shares of Bank Of Montreal from an "equal weight" rating to an "underweight" rating in a research report on Friday, March 20th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.

Bank Of Montreal Price Performance

Shares of NYSE BMO opened at $141.00 on Thursday. The firm has a 50-day simple moving average of $140.28 and a 200-day simple moving average of $132.71. The stock has a market capitalization of $99.34 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 0.88 and a beta of 0.92. 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 has a 52 week low of $85.52 and a 52 week high of $149.01.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings data on Wednesday, February 25th. The bank reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. Bank Of Montreal had a net margin of 11.76% and a return on equity of 12.16%. The firm had revenue of $7.21 billion during the quarter, compared to analysts' expectations of $6.73 billion. During the same period last year, the business earned $3.04 earnings per share. Bank Of Montreal's revenue was up 6.0% compared to the same quarter last year. On average, equities analysts predict that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Wednesday, April 29th will be given a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a yield of 4.7%. The ex-dividend date is Wednesday, April 29th. Bank Of Montreal's dividend payout ratio (DPR) is presently 56.56%.

Bank Of Montreal Company Profile

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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