Beutel Goodman & Co Ltd. Sells 224,222 Shares of Bank Of Montreal $BMO

Key Points

• Beutel Goodman cut its Bank of Montreal stake by 8.3%, selling 224,222 shares in the third quarter. It retained 2.47 million shares, worth about $414.2 million, making BMO its second-largest portfolio holding.
• Analyst sentiment is mixed: six analysts rate the stock Buy, six Hold, and one Sell, with a consensus rating of Hold and a $244 price target.
• BMO beat quarterly earnings expectations, reporting EPS of $2.84 versus estimates of $2.71 and revenue of $7.10 billion. It announced a quarterly dividend of C$1.71 per share, equivalent to a 3.9% yield.

Beutel Goodman & Co Ltd. reduced its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 8.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,471,372 shares of the bank's stock after selling 224,222 shares during the quarter. Bank Of Montreal accounts for 3.3% of Beutel Goodman & Co Ltd.'s investment portfolio, making the stock its 2nd largest position. Beutel Goodman & Co Ltd. owned 0.36% of Bank Of Montreal worth $414,236,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. acquired a new position in Bank Of Montreal during the second quarter worth $28,000. Western Wealth Management LLC purchased a new position in shares of Bank Of Montreal during the first quarter worth $38,000. Fulcrum Asset Management LLP purchased a new position in shares of Bank Of Montreal during the third quarter worth $57,000. Pathway Financial Advisers LLC purchased a new position in shares of Bank Of Montreal during the third quarter worth $59,000. Finally, Highland Investment Advisors LLC acquired a new position in Bank Of Montreal in the 2nd quarter valued at about $63,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Barclays reissued an "underweight" rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Weiss Ratings lowered shares of Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, October 14th. TD Securities reissued a "buy" rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Canadian Imperial Bank of Commerce downgraded shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research report on Tuesday, August 18th. Finally, Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research report on Wednesday, August 26th. Six investment 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. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $244.00.

Bank Of Montreal Stock Performance

NYSE BMO opened at $174.01 on Tuesday. The company has a fifty day moving average of $170.47 and a two-hundred day moving average of $161.03. The company has a market capitalization of $120.36 billion, a PE ratio of 19.64, a P/E/G ratio of 0.95 and a beta of 0.93. Bank Of Montreal has a 1 year low of $119.84 and a 1 year 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.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.13. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. The business had revenue of $7.10 billion for the quarter, compared to analysts' expectations of $6.94 billion. During the same quarter in the previous year, the firm earned $3.23 earnings per share. The business's revenue was up 10.1% compared to the same quarter last year. As a group, analysts expect that Bank Of Montreal will post 10.65 earnings per share for the current year.

Bank Of Montreal Dividend Announcement

The company 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. 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 3.9%. Bank Of Montreal's dividend payout ratio is 54.18%.

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.

Founded in Montreal in 1817, BMO is one of Canada's oldest banks.

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