Bank Of Montreal (NYSE:BMO) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in Bank Of Montreal by 1.8%, now owning approximately 2.39% of the bank, valued at around $1.65 billion.
• Bank Of Montreal announced an increased quarterly dividend of $1.1801 per share, yielding 4.12%, payable on August 26th.
• Current analyst consensus for Bank Of Montreal is a "Hold" rating, with the stock recently downgraded by multiple firms including Wall Street Zen.

TD Asset Management Inc cut its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,301,762 shares of the bank's stock after selling 313,379 shares during the period. Bank Of Montreal makes up 1.5% of TD Asset Management Inc's holdings, making the stock its 9th largest position. TD Asset Management Inc owned approximately 2.39% of Bank Of Montreal worth $1,651,977,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Mediolanum International Funds Ltd bought a new stake in Bank Of Montreal during the 1st quarter worth about $359,000. Skandinaviska Enskilda Banken AB publ lifted its position in Bank Of Montreal by 2.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 99,450 shares of the bank's stock worth $9,498,000 after buying an additional 2,463 shares in the last quarter. Stevens Capital Management LP bought a new stake in Bank Of Montreal during the 1st quarter worth about $265,000. Assetmark Inc. lifted its position in Bank Of Montreal by 14.6% during the 1st quarter. Assetmark Inc. now owns 15,087 shares of the bank's stock worth $1,441,000 after buying an additional 1,925 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its position in Bank Of Montreal by 7.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,253 shares of the bank's stock worth $693,000 after buying an additional 507 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Scotiabank assumed coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Cibc World Mkts cut shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Barclays cut shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Finally, CIBC reaffirmed a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $129.50.

Bank Of Montreal Stock Up 0.3%

Bank Of Montreal stock opened at $114.45 on Friday. The stock has a market cap of $82.21 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.25 and a beta of 1.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. Bank Of Montreal has a twelve month low of $76.98 and a twelve month high of $115.66. The company's 50-day moving average price is $109.24 and its two-hundred day moving average price is $101.63.

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, meeting the consensus estimate of $1.84. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The firm had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $8.79 billion. During the same period in the prior year, the firm earned $2.59 EPS. The business's revenue was up 8.8% on a year-over-year basis. As a group, analysts expect that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be paid a dividend of $1.1801 per share. This represents a $4.72 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Wednesday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's dividend payout ratio (DPR) is currently 62.13%.

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.

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