BCV Asset Management Inc. Sells 135,512 Shares of Bank Of Montreal $BMO

Key Points

• BCV Asset Management cut its Bank of Montreal stake by 21.1% in the third quarter, selling 135,512 shares. It held 506,788 shares worth about $85.3 million at the reporting period’s end.
• Other institutional investors made mixed adjustments to their BMO holdings, and institutions collectively owned 45.82% of the stock.
• BMO beat quarterly earnings and revenue estimates, while reporting year-over-year revenue growth of 10.1%. The bank also announced a quarterly dividend of C$1.71 per share, equivalent to a stated annual yield of 3.9%.

BCV Asset Management Inc. reduced its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 21.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 506,788 shares of the bank's stock after selling 135,512 shares during the period. Bank Of Montreal accounts for about 2.6% of BCV Asset Management Inc.'s investment portfolio, making the stock its 14th largest position. BCV Asset Management Inc. owned about 0.07% of Bank Of Montreal worth $85,308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BMO. Allworth Financial LP increased its holdings in shares of Bank Of Montreal by 6.8% during the 3rd quarter. Allworth Financial LP now owns 2,636 shares of the bank's stock worth $466,000 after buying an additional 167 shares during the last quarter. Fisher Asset Management LLC acquired a new stake in shares of Bank Of Montreal in the third quarter valued at about $236,000. Russell Investments Group Ltd. raised its holdings in shares of Bank Of Montreal by 21.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 351,108 shares of the bank's stock valued at $58,881,000 after buying an additional 62,107 shares during the period. Fifth Third Bancorp raised its holdings in shares of Bank Of Montreal by 7.5% during the 3rd quarter. Fifth Third Bancorp now owns 2,177 shares of the bank's stock valued at $364,000 after buying an additional 151 shares during the period. Finally, Ritholtz Wealth Management lifted its position in Bank Of Montreal by 6.6% during the 3rd quarter. Ritholtz Wealth Management now owns 20,716 shares of the bank's stock worth $3,465,000 after acquiring an additional 1,289 shares in the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of Montreal Price Performance

Shares of BMO opened at $173.26 on Friday. Bank Of Montreal has a 12 month low of $119.84 and a 12 month high of $187.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a fifty day moving average price of $170.56 and a 200 day moving average price of $161.74. The company has a market cap of $119.83 billion, a P/E ratio of 16.64, a PEG ratio of 0.94 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.13. The company had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.94 billion. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.23 earnings per share. On average, research analysts forecast that Bank Of Montreal will post 10.54 earnings per share for the current year.

Bank Of Montreal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be given a C$1.71 dividend. This represents a $6.84 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, October 30th. Bank Of Montreal's dividend payout ratio (DPR) is currently 54.18%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BMO. Keefe, Bruyette & Woods started coverage on Bank Of Montreal in a report on Friday, August 21st. They issued an "outperform" rating for the company. Royal Bank Of Canada restated a "sector perform" rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Scotiabank reaffirmed an "outperform" rating on shares of Bank Of Montreal in a report on Wednesday, August 26th. Barclays reaffirmed an "underweight" rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Finally, TD Securities reiterated a "buy" rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $244.00.

About Bank Of Montreal

Bank of Montreal, commonly known as BMO Financial Group, is a diversified financial services company serving individuals, businesses, and institutions. Its offerings include personal and commercial banking, such as deposit accounts, loans, mortgages, credit cards, and business banking services. BMO also provides wealth management and investment services, including financial advice, investment management, and private banking. Through its capital markets business, the company serves corporate, government, and institutional clients with services such as corporate banking, investment banking, and trading.

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