Bank Of Montreal $BMO Stock Sold by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates cut its Bank of Montreal holdings by 20.7%, selling 295,417 shares in the third quarter; it still held about 1.13 million shares, worth $189.6 million.
• BMO reported quarterly EPS of $2.84, beating the $2.71 consensus estimate, while revenue rose 10.1% year over year to $7.10 billion.
• The bank declared a quarterly dividend of C$1.71 per share, equivalent to a 4.0% annualized yield. Analysts’ consensus rating was Hold, with a $244 average target price.

Letko Brosseau & Associates Inc. trimmed its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 20.7% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,131,358 shares of the bank's stock after selling 295,417 shares during the quarter. Bank Of Montreal comprises approximately 2.4% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 14th biggest position. Letko Brosseau & Associates Inc. owned about 0.16% of Bank Of Montreal worth $189,631,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BMO. Canada Pension Plan Investment Board bought a new position in Bank Of Montreal during the 2nd quarter valued at about $1,281,220,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Bank Of Montreal by 0.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 6,371,237 shares of the bank's stock valued at $1,057,374,000 after acquiring an additional 20,334 shares during the last quarter. Caisse de depot et placement du Quebec purchased a new stake in shares of Bank Of Montreal during the 2nd quarter valued at about $957,549,000. Bank of Nova Scotia bought a new stake in shares of Bank Of Montreal in the second quarter worth approximately $920,002,000. Finally, Legal & General Group Plc bought a new stake in shares of Bank Of Montreal in the second quarter worth approximately $744,214,000. 45.82% of the stock is currently owned by institutional investors.

Bank Of Montreal Stock Down 0.5%

BMO stock opened at $172.95 on Friday. Bank Of Montreal has a fifty-two week low of $119.84 and a fifty-two week high of $187.22. The business's 50-day moving average is $170.63 and its two-hundred day moving average is $161.56. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $119.62 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 0.94 and a beta of 0.93.

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 (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.13. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The business had revenue of $7.10 billion for the quarter, compared to analysts' expectations of $6.94 billion. During the same period last year, the firm posted $3.23 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts forecast that Bank Of Montreal will post 10.54 earnings per share for the current year.

Bank Of Montreal Announces Dividend

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

Wall Street Analyst Weigh In

BMO has been the subject of several research reports. Canadian Imperial Bank of Commerce cut shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a report on Tuesday, August 18th. Keefe, Bruyette & Woods began coverage on shares of Bank Of Montreal in a report on Friday, August 21st. They issued an "outperform" rating on the stock. Barclays reaffirmed an "underweight" rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Weiss Ratings downgraded shares of Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus 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.

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