Bank Of Montreal $BMO Shares Acquired by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board has significantly increased its stake in the Bank of Montreal by 66.5%, now owning approximately 3.68 million shares valued at around $351 million.
• Bank of Montreal has announced a dividend increase to $1.63 per share, raising the annualized dividend to approximately $6.52, with a dividend yield of 5.5%.
• Investment analysts have mixed ratings on Bank of Montreal, with a consensus average rating of "Hold" and a target price of $168.00.

Canada Pension Plan Investment Board grew its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 66.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,676,637 shares of the bank's stock after purchasing an additional 1,469,084 shares during the period. Canada Pension Plan Investment Board owned about 0.51% of Bank Of Montreal worth $351,154,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BMO. State of Wyoming raised its stake in shares of Bank Of Montreal by 237.4% during the first quarter. State of Wyoming now owns 14,254 shares of the bank's stock valued at $1,361,000 after acquiring an additional 10,029 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ raised its stake in Bank Of Montreal by 0.7% during the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 162,496 shares of the bank's stock worth $15,515,000 after buying an additional 1,078 shares during the last quarter. Truvestments Capital LLC bought a new position in Bank Of Montreal during the first quarter worth $39,000. ICONIQ Capital LLC raised its stake in Bank Of Montreal by 7.9% during the first quarter. ICONIQ Capital LLC now owns 4,756 shares of the bank's stock worth $454,000 after buying an additional 350 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Bank Of Montreal by 37.9% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 625,140 shares of the bank's stock worth $59,707,000 after buying an additional 171,686 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank Of Montreal Price Performance

NYSE:BMO traded up $0.64 during trading hours on Tuesday, hitting $121.64. The company's stock had a trading volume of 534,932 shares, compared to its average volume of 671,781. Bank Of Montreal has a 52-week low of $81.69 and a 52-week high of $121.83. The company has a market capitalization of $87.14 billion, a PE ratio of 14.89, a PEG ratio of 1.24 and a beta of 1.04. The business's 50-day moving average is $113.36 and its two-hundred day moving average is $104.37. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.21. The business had revenue of $6.51 billion during the quarter, compared to analysts' expectations of $8.84 billion. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The business's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the business posted $2.64 earnings per share. As a group, research analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, October 30th. This represents a $6.52 dividend on an annualized basis and a yield of 5.4%. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.18. Bank Of Montreal's dividend payout ratio (DPR) is 58.63%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Bank Of Montreal from $161.00 to $168.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. UBS Group restated a "neutral" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Wall Street Zen cut shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a research note on Saturday. Barclays cut shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $168.00.

Bank Of Montreal Profile

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.