Bank Of Montreal $BMO Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Bank of Montreal stake by 75.2% in the second quarter, selling 203,437 shares and retaining 67,031 shares valued at approximately $11.8 million. Institutional investors collectively own 45.82% of BMO.
• Bank of Montreal reported quarterly earnings of $2.84 per share, exceeding the $2.71 analyst estimate, while revenue rose 10.1% year over year to $7.10 billion.
• BMO declared a quarterly dividend of C$1.71 per share, equivalent to an annualized C$6.84 dividend and a 4.1% yield. Analysts have an overall “Hold” rating and an average price target of $163.

Envestnet Asset Management Inc. lowered its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 75.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,031 shares of the bank's stock after selling 203,437 shares during the period. Envestnet Asset Management Inc.'s holdings in Bank Of Montreal were worth $11,844,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. TD Asset Management Inc raised its holdings in Bank Of Montreal by 1.5% during the 4th quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank's stock valued at $2,519,180,000 after acquiring an additional 293,575 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Bank Of Montreal during the second quarter worth $1,281,220,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Bank Of Montreal by 2.0% in the second quarter. TD Waterhouse Canada Inc. now owns 6,350,903 shares of the bank's stock worth $1,128,680,000 after acquiring an additional 123,387 shares during the period. Caisse de depot et placement du Quebec bought a new position in shares of Bank Of Montreal in the second quarter worth $957,549,000. Finally, Bank of Nova Scotia purchased a new position in shares of Bank Of Montreal in the second quarter valued at $920,002,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of Montreal Stock Performance

Shares of BMO opened at $166.27 on Friday. Bank Of Montreal has a 12-month low of $119.84 and a 12-month high of $187.22. 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 company has a market cap of $115.57 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.00 and a beta of 0.95. The stock has a 50-day moving average price of $175.79 and a 200-day moving average price of $164.53.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.71 by $0.13. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The business had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the firm posted $3.23 earnings per share. Bank Of Montreal's quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities analysts forecast that Bank Of Montreal will post 10.76 earnings per share for the current fiscal year.

Bank Of Montreal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 26th. Stockholders of record on Friday, October 30th will be issued a dividend of C$1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, October 30th. Bank Of Montreal's payout ratio is currently 54.29%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BMO. TD Securities reiterated a "buy" rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Weiss Ratings upgraded Bank Of Montreal from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday. Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Canadian Imperial Bank of Commerce downgraded shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a report on Tuesday, August 18th. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of Bank Of Montreal in a research report on Thursday, August 27th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $163.00.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group name, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and the country's oldest continuously operating bank.

BMO provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and cash-management products. Through its wealth management businesses, the company offers investment, advisory, private banking, asset-management and retirement-planning services to individuals, families and institutions.

The company also operates a capital markets business that provides investment banking, corporate lending, financial advisory, trading, research and other services to corporations, governments and institutional clients.

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