BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Holdings in Bank Of Montreal $BMO

Key Points

• British Columbia Investment Management Corp increased its holdings in Bank of Montreal by 37.9% in Q1, now owning 625,140 shares worth approximately $59.7 million.
• Goldman Sachs also significantly raised its stake in Bank of Montreal by 213.1% in the same quarter, bringing its total to 4,259,505 shares valued at around $406.8 million.
• Bank of Montreal announced a quarterly dividend increase to $1.1801, reflecting a 4.1% dividend yield and showcasing solid performance despite mixed analyst ratings.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 37.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 625,140 shares of the bank's stock after buying an additional 171,686 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.09% of Bank Of Montreal worth $59,707,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in shares of Bank Of Montreal by 213.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank's stock valued at $406,825,000 after acquiring an additional 2,899,061 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Bank Of Montreal by 42.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock valued at $664,742,000 after acquiring an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Bank Of Montreal by 15.4% during the 4th quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock valued at $1,184,636,000 after acquiring an additional 1,630,962 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Bank Of Montreal by 8.6% during the 4th quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock valued at $1,244,284,000 after acquiring an additional 1,020,712 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Bank Of Montreal during the 1st quarter valued at approximately $52,070,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Wall Street Zen raised Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Scotiabank assumed coverage on Bank Of Montreal in a research report on Thursday, May 15th. They set a "sector perform" rating on the stock. CIBC reissued a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Finally, National Bankshares restated an "outperform" rating on shares of Bank Of Montreal in a research note on Friday, August 15th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $129.50.

Bank Of Montreal Price Performance

Shares of NYSE BMO opened at $114.6750 on Friday. Bank Of Montreal has a 1-year low of $81.13 and a 1-year high of $115.66. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00. The business's fifty day moving average price is $111.82 and its two-hundred day moving average price is $103.50. The firm has a market capitalization of $82.15 billion, a PE ratio of 14.87, a P/E/G ratio of 1.25 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.84. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%.The company had revenue of $6.32 billion during the quarter, compared to analysts' expectations of $8.79 billion. During the same quarter in the prior year, the business posted $2.59 earnings per share. The company's revenue for the quarter was up 8.8% compared to the same quarter last year. On average, research analysts expect that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Wednesday, July 30th will be paid a $1.1801 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 annualized dividend and a dividend yield of 4.1%. Bank Of Montreal's dividend payout ratio (DPR) is currently 62.13%.

About Bank Of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company's personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.

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