Bank of Montreal (NYSE:BMO) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. reduced its stake in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 8.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 692,967 shares of the bank's stock after selling 67,647 shares during the period. Bank of Montreal accounts for about 3.2% of Addenda Capital Inc.'s investment portfolio, making the stock its 7th largest position. Addenda Capital Inc. owned 0.10% of Bank of Montreal worth $66,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in Bank of Montreal by 9,451.0% during the 1st quarter. GAMMA Investing LLC now owns 149,951 shares of the bank's stock worth $14,322,000 after purchasing an additional 148,381 shares in the last quarter. Versant Capital Management Inc raised its position in Bank of Montreal by 5,407.5% in the first quarter. Versant Capital Management Inc now owns 2,919 shares of the bank's stock worth $279,000 after acquiring an additional 2,866 shares in the last quarter. Avant Financial Advisors LLC purchased a new position in Bank of Montreal in the 4th quarter worth about $202,000. Wellington Management Group LLP grew its stake in Bank of Montreal by 29.4% during the 4th quarter. Wellington Management Group LLP now owns 162,503 shares of the bank's stock valued at $15,768,000 after acquiring an additional 36,931 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Bank of Montreal in the fourth quarter valued at about $346,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BMO has been the subject of a number of recent research reports. Wall Street Zen upgraded Bank of Montreal from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Cibc World Mkts downgraded Bank of Montreal from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. CIBC reaffirmed a "neutral" rating on shares of Bank of Montreal in a report on Tuesday, May 20th. Royal Bank of Canada upped their price target on Bank of Montreal from $161.00 to $163.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Finally, Scotiabank started coverage on Bank of Montreal in a research note on Thursday, May 15th. They issued a "sector perform" rating for the company. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Bank of Montreal currently has an average rating of "Hold" and an average price target of $128.40.

Bank of Montreal Price Performance

BMO stock traded down $0.05 during mid-day trading on Tuesday, reaching $107.81. The company's stock had a trading volume of 492,376 shares, compared to its average volume of 834,093. The stock has a market cap of $77.85 billion, a PE ratio of 15.45, a P/E/G ratio of 1.43 and a beta of 1.03. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11. Bank of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $108.38. The company's 50 day moving average is $97.39 and its two-hundred day moving average is $97.98.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, hitting the consensus estimate of $1.84. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. Bank of Montreal had a net margin of 9.22% and a return on equity of 10.18%. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.59 earnings per share. Equities research analysts expect that Bank of Montreal will post 7.71 EPS for the current year.

Bank of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be issued a dividend of $1.1801 per share. This represents a $4.72 dividend on an annualized basis and a yield of 4.38%. This is a positive change from Bank of Montreal's previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Wednesday, July 30th. Bank of Montreal's dividend payout ratio (DPR) is presently 58.75%.

About Bank of Montreal

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.