Forsta AP Fonden Increases Position in Bank Of Montreal (NYSE:BMO)

Key Points

• Forsta AP Fonden has increased its stake in Bank of Montreal (NYSE:BMO) by 20.5%, acquiring an additional 35,400 shares and bringing its total holdings to 208,400 shares valued at approximately $19.9 million.
• Bank of Montreal recently announced a quarterly dividend of $1.1801 per share, representing a 4.2% dividend yield, which is an increase from its previous dividend of $1.11.
• The bank achieved an EPS of $1.84 for the latest quarter, meeting analysts' estimates, while reporting a revenue of $6.32 billion, significantly lower than the expected $8.79 billion.

Forsta AP Fonden lifted its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 20.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 208,400 shares of the bank's stock after buying an additional 35,400 shares during the period. Forsta AP Fonden's holdings in Bank Of Montreal were worth $19,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BMO. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Bank Of Montreal by 228.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock worth $26,000 after purchasing an additional 190 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Bank Of Montreal in the 1st quarter worth approximately $34,000. Dunhill Financial LLC bought a new stake in shares of Bank Of Montreal in the 4th quarter worth approximately $39,000. CX Institutional bought a new stake in shares of Bank Of Montreal in the 1st quarter worth approximately $42,000. Finally, HM Payson & Co. bought a new stake in shares of Bank Of Montreal in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. CIBC reaffirmed a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Barclays cut shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Scotiabank initiated coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating on the stock. Finally, Wall Street Zen raised shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Bank Of Montreal currently has a consensus rating of "Hold" and an average price target of $129.50.

Bank Of Montreal Price Performance

Shares of BMO traded up $0.45 during mid-day trading on Tuesday, reaching $113.23. 669,758 shares of the stock traded hands, compared to its average volume of 668,714. The firm has a fifty day moving average price of $110.82 and a 200 day moving average price of $102.68. The company has a market cap 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. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. Bank Of Montreal has a 1 year low of $81.13 and a 1 year high of $115.66.

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 EPS for the quarter, meeting analysts' consensus estimates of $1.84. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $8.79 billion. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.59 EPS. As a group, equities research analysts predict that Bank Of Montreal will post 7.71 earnings per share 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. Stockholders of record on Wednesday, July 30th will be given a dividend of $1.1801 per share. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.2%. Bank Of Montreal's dividend payout ratio (DPR) is presently 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.