Bank of New York Mellon Corp Sells 28,711 Shares of Bank Of Montreal $BMO

Key Points

• Bank of New York Mellon Corp reduced its stake in Bank of Montreal by 3.9% in the first quarter, selling 28,711 shares and leaving it with 710,262 shares valued at about $96.1 million.
• Bank of Montreal beat quarterly earnings expectations, reporting $2.68 EPS versus $2.54 expected, while revenue of $7.04 billion also topped forecasts and rose 10.2% year over year.
• The bank raised its quarterly dividend to $1.71 per share from $1.67, implying an annualized yield of about 3.8%.

Bank of New York Mellon Corp lessened its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 710,262 shares of the bank's stock after selling 28,711 shares during the quarter. Bank of New York Mellon Corp owned 0.10% of Bank Of Montreal worth $96,127,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Bank Of Montreal during the 4th quarter worth approximately $29,000. Larson Financial Group LLC lifted its holdings in Bank Of Montreal by 466.7% during the third quarter. Larson Financial Group LLC now owns 238 shares of the bank's stock valued at $31,000 after purchasing an additional 196 shares during the last quarter. WFA of San Diego LLC purchased a new stake in shares of Bank Of Montreal during the 2nd quarter valued at approximately $28,000. Flagship Harbor Advisors LLC bought a new position in shares of Bank Of Montreal in the fourth quarter worth $34,000. Finally, Swiss RE Ltd. bought a new position in Bank Of Montreal in the 4th quarter worth about $38,000. 45.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BMO shares. Raymond James Financial reiterated an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Desjardins reissued a "hold" rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Zacks Research lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, June 16th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $163.00.

Bank Of Montreal Trading Down 2.2%

NYSE:BMO opened at $178.06 on Tuesday. The company has a fifty day moving average of $168.44 and a 200 day moving average of $150.85. Bank Of Montreal has a 52 week low of $109.64 and a 52 week high of $184.21. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $124.71 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.02 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, topping the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The firm had revenue of $7.04 billion during the quarter, compared to analysts' expectations of $6.98 billion. During the same period last year, the company posted $2.62 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts predict that Bank Of Montreal will post 11.82 earnings per share for the current 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 paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.67. Bank Of Montreal's dividend payout ratio (DPR) is currently 50.96%.

Bank Of Montreal Profile

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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