Beacon Pointe Advisors LLC Acquires New Holdings in Bank Of Montreal $BMO

Key Points

• Beacon Pointe Advisors acquired 52,280 shares of Bank of Montreal in the second quarter, valued at approximately $9.2 million. Institutional investors and hedge funds collectively own 45.82% of BMO’s stock.
• Bank of Montreal exceeded quarterly expectations, reporting $2.68 in EPS and $7.04 billion in revenue, with revenue rising 10.2% year over year.
• BMO declared a quarterly dividend of $1.71, equivalent to an annualized $6.84 payout and a 4.0% yield. Analysts’ average rating is “Hold,” with a consensus price target of $163.

Beacon Pointe Advisors LLC bought a new stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 52,280 shares of the bank's stock, valued at approximately $9,238,000.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in Bank Of Montreal in the 4th quarter worth approximately $1,059,320,000. Canada Pension Plan Investment Board acquired a new position in Bank Of Montreal during the 2nd quarter worth $1,281,220,000. Caisse de depot et placement du Quebec bought a new position in shares of Bank Of Montreal in the second quarter worth $957,549,000. Bank of Nova Scotia acquired a new position in shares of Bank Of Montreal during the second quarter valued at $920,002,000. Finally, Legal & General Group Plc bought a new stake in shares of Bank Of Montreal during the second quarter valued at about $744,214,000. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank Of Montreal Stock Performance

BMO stock opened at $172.06 on Friday. The firm has a 50 day moving average of $177.93 and a two-hundred day moving average of $159.41. Bank Of Montreal has a 12 month low of $118.66 and a 12 month high of $187.22. The company has a market capitalization of $119.95 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 1.02 and a beta of 0.94. The company has a quick ratio of 1.02, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, beating analysts' consensus estimates of $2.54 by $0.14. The business had revenue of $7.04 billion for the quarter, compared to the consensus estimate of $6.98 billion. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. Bank Of Montreal's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.62 EPS. As a group, equities analysts anticipate that Bank Of Montreal will post 10.76 EPS for the current fiscal year.

Bank Of Montreal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be given a $1.71 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.0%. Bank Of Montreal's payout ratio is currently 54.29%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Scotiabank reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research note on Wednesday. Weiss Ratings cut shares of Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, July 23rd. Canadian Imperial Bank of Commerce lowered shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of Bank Of Montreal in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $163.00.

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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