Bank of New York Mellon Corp Buys New Position in Bank Of Montreal $BMO

Key Points

• Bank of New York Mellon Corp. acquired 739,895 shares of Bank of Montreal in the second quarter, valued at approximately $130.7 million and representing about 0.11% of the bank.
• Analyst sentiment is mixed: five analysts rate BMO a Buy, eight rate it Hold, and one rates it Sell. The stock has an average rating of Hold and a consensus price target of $163.
• Bank of Montreal reported quarterly earnings of $2.68 per share, beating estimates, while revenue rose 10.2% year over year to $7.04 billion. The bank also increased its quarterly dividend to $1.71 per share, implying a 3.9% annualized yield.

Bank of New York Mellon Corp bought a new position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 739,895 shares of the bank's stock, valued at approximately $130,740,000. Bank of New York Mellon Corp owned approximately 0.11% of Bank Of Montreal as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in Bank Of Montreal by 1.9% during the second quarter. Versant Capital Management Inc now owns 4,241 shares of the bank's stock worth $749,000 after acquiring an additional 78 shares in the last quarter. Larson Financial Group LLC increased its stake in Bank Of Montreal by 33.2% in the fourth quarter. Larson Financial Group LLC now owns 317 shares of the bank's stock valued at $41,000 after purchasing an additional 79 shares in the last quarter. Naples Global Advisors LLC raised its holdings in shares of Bank Of Montreal by 0.5% during the fourth quarter. Naples Global Advisors LLC now owns 17,780 shares of the bank's stock valued at $2,308,000 after purchasing an additional 80 shares during the period. Checchi Capital Advisers LLC raised its holdings in shares of Bank Of Montreal by 2.9% during the first quarter. Checchi Capital Advisers LLC now owns 3,141 shares of the bank's stock valued at $425,000 after purchasing an additional 88 shares during the period. Finally, Turn8 Private Wealth Inc. boosted its position in shares of Bank Of Montreal by 0.8% during the 1st quarter. Turn8 Private Wealth Inc. now owns 11,215 shares of the bank's stock worth $1,514,000 after purchasing an additional 93 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, June 16th. Canadian Imperial Bank of Commerce downgraded Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research note on Tuesday, August 18th. Raymond James Financial reissued an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Weiss Ratings downgraded Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods assumed coverage on Bank Of Montreal in a research report on Friday. They set an "outperform" rating on the stock. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $163.00.

Bank Of Montreal Stock Performance

Shares of BMO stock opened at $174.34 on Monday. The firm has a 50-day moving average of $177.66 and a 200-day moving average of $158.42. The company has a market cap of $121.54 billion, a P/E ratio of 18.51, a P/E/G ratio of 1.07 and a beta of 0.94. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. Bank Of Montreal has a one year low of $112.58 and a one year high of $187.22.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, beating analysts' consensus estimates of $2.54 by $0.14. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The company had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. During the same period last year, the business posted $2.62 earnings per share. Bank Of Montreal's revenue was up 10.2% on a year-over-year basis. Equities research analysts forecast that Bank Of Montreal will post 10.49 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be given a dividend of $1.71 per share. The ex-dividend date is Thursday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.67. This represents a $6.84 annualized dividend and a yield of 3.9%. Bank Of Montreal's dividend payout ratio (DPR) is currently 51.06%.

About Bank Of Montreal

Bank of Montreal NYSE: BMO, commonly known as BMO Financial Group, is one of Canada's largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO's core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.

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