Bank Of Montreal (NYSE:BMO) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Bank Of Montreal by 5.6% in Q1, owning nearly 1.93 million shares now valued at approximately $184.4 million.
• Bank Of Montreal recently increased its quarterly dividend to $1.1801 per share, reflecting an annualized amount of $4.72 and a yield of 4.2%.
• Analysts have mixed ratings on the stock, with a consensus "Hold" rating and a price target of $129.50 amidst various upgrades and downgrades from firms like Scotiabank and Barclays.

Connor Clark & Lunn Investment Management Ltd. increased its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,930,906 shares of the bank's stock after acquiring an additional 103,149 shares during the period. Bank Of Montreal comprises about 0.8% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 25th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.27% of Bank Of Montreal worth $184,420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Zions Bancorporation National Association UT bought a new position in Bank Of Montreal during the first quarter valued at approximately $5,839,000. PCJ Investment Counsel Ltd. boosted its stake in Bank Of Montreal by 29.1% during the first quarter. PCJ Investment Counsel Ltd. now owns 56,870 shares of the bank's stock valued at $5,432,000 after buying an additional 12,830 shares during the last quarter. Forsta AP Fonden boosted its stake in Bank Of Montreal by 20.5% during the first quarter. Forsta AP Fonden now owns 208,400 shares of the bank's stock valued at $19,898,000 after buying an additional 35,400 shares during the last quarter. Maryland State Retirement & Pension System boosted its stake in Bank Of Montreal by 58.7% during the first quarter. Maryland State Retirement & Pension System now owns 68,377 shares of the bank's stock valued at $6,528,000 after buying an additional 25,284 shares during the last quarter. Finally, CenterBook Partners LP bought a new position in Bank Of Montreal during the first quarter valued at approximately $1,401,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BMO. Scotiabank began coverage on Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Wall Street Zen upgraded Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday. Barclays downgraded Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Finally, CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $129.50.

Bank Of Montreal Price Performance

Shares of Bank Of Montreal stock traded up $0.45 on Tuesday, hitting $113.23. The company's stock had a trading volume of 669,758 shares, compared to its average volume of 668,714. The company has a market capitalization of $81.34 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.24 and a beta of 1.07. Bank Of Montreal has a 1 year low of $81.13 and a 1 year high of $115.66. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average price of $110.82 and a 200-day moving average price of $102.68.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, hitting analysts' consensus estimates of $1.84. The company had revenue of $6.32 billion during the quarter, compared to analysts' expectations of $8.79 billion. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%. Bank Of Montreal's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.59 EPS. As a group, sell-side analysts anticipate that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Wednesday, July 30th will be given a $1.1801 dividend. This represents a $4.72 annualized dividend and a dividend yield of 4.2%. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. Bank Of Montreal's dividend payout ratio (DPR) is 62.13%.

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.