Bank Of Montreal $BMO Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Bank Of Montreal by 18.8%, holding 131,906 shares worth $12.6 million after selling nearly 30,600 shares.
• Bank Of Montreal recently increased its quarterly dividend from $1.18 to $1.63, representing an annual yield of 5.5% and a payout ratio of 62.13%.
• Despite a revenue of $6.51 billion reported for the last quarter, which was below analysts' expectations, Bank Of Montreal's earnings per share was $2.33, beating the consensus estimate.

Wellington Management Group LLP reduced its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 18.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 131,906 shares of the bank's stock after selling 30,597 shares during the period. Wellington Management Group LLP's holdings in Bank Of Montreal were worth $12,594,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BMO. Cary Street Partners Investment Advisory LLC raised its position in shares of Bank Of Montreal by 228.9% during 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 in the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Bank Of Montreal during the 1st quarter valued at $34,000. Dunhill Financial LLC bought a new position in shares of Bank Of Montreal during the 4th quarter valued at $39,000. CX Institutional bought a new position in shares of Bank Of Montreal during the 1st quarter valued at $42,000. Finally, HM Payson & Co. bought a new position in shares of Bank Of Montreal during the 1st quarter valued at $42,000. 45.82% of the stock is owned by institutional investors.

Bank Of Montreal Stock Up 1.6%

NYSE BMO traded up $1.89 during trading hours on Monday, reaching $121.09. 887,113 shares of the company's stock traded hands, compared to its average volume of 615,174. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $86.75 billion, a PE ratio of 14.82, a PEG ratio of 1.24 and a beta of 1.04. Bank Of Montreal has a 52-week low of $81.69 and a 52-week high of $121.17. The firm has a 50-day simple moving average of $113.05 and a 200 day simple moving average of $104.23.

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

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be issued a $1.63 dividend. The ex-dividend date is Thursday, October 30th. This is a boost 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 dividend payout ratio (DPR) is currently 57.53%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BMO shares. Scotiabank reissued a "sector perform" rating on shares of Bank Of Montreal in a report on Wednesday. National Bankshares reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research note on Friday, August 15th. Wall Street Zen lowered shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a research note on Saturday. Royal Bank Of Canada lifted their target price on shares of Bank Of Montreal from $161.00 to $168.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. Finally, Cowen reaffirmed a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Bank Of Montreal has an average rating of "Hold" and an average price target of $168.00.

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.