Carnegie Investment Counsel Invests $1.94 Million in Bank Of Montreal (NYSE:BMO)

Key Points

• Carnegie Investment Counsel recently acquired a new stake in Bank Of Montreal, purchasing 22,040 shares valued at approximately $1.94 million.
• Despite the recent acquisition, analysts have mixed views on Bank Of Montreal, with one sell rating, seven hold ratings, and one buy rating, resulting in a consensus rating of "Hold."
• The bank announced a quarterly dividend of $1.1801 per share, which is an increase from the previous dividend and reflects a 4.12% yield.

Carnegie Investment Counsel acquired a new position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 22,040 shares of the bank's stock, valued at approximately $1,942,000.

Several other large investors have also made changes to their positions in the business. American Century Companies Inc. boosted its position in Bank Of Montreal by 8.0% in the 4th quarter. American Century Companies Inc. now owns 194,218 shares of the bank's stock valued at $18,855,000 after buying an additional 14,351 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in Bank Of Montreal in the 4th quarter valued at $380,000. Korea Investment CORP boosted its position in Bank Of Montreal by 2.6% in the 4th quarter. Korea Investment CORP now owns 478,191 shares of the bank's stock valued at $46,399,000 after buying an additional 12,052 shares during the last quarter. Baskin Financial Services Inc. boosted its position in Bank Of Montreal by 134.2% in the 1st quarter. Baskin Financial Services Inc. now owns 7,428 shares of the bank's stock valued at $709,000 after buying an additional 4,256 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in Bank Of Montreal by 7.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 153,570 shares of the bank's stock valued at $14,893,000 after buying an additional 10,024 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank Of Montreal Trading Up 0.3%

BMO traded up $0.37 during trading on Friday, reaching $114.45. 432,008 shares of the stock traded hands, compared to its average volume of 669,657. The stock has a market capitalization of $82.21 billion, a PE ratio of 14.84, a P/E/G ratio of 1.26 and a beta of 1.07. The stock's 50-day moving average is $109.24 and its 200 day moving average is $101.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. Bank Of Montreal has a 12 month low of $76.98 and a 12 month high of $115.66.

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

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be paid a $1.1801 dividend. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a $4.72 annualized dividend and a yield of 4.12%. Bank Of Montreal's dividend payout ratio (DPR) is 57.33%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. CIBC restated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Scotiabank assumed coverage on Bank Of Montreal in a research report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Cibc World Mkts lowered Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Wall Street Zen lowered Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $129.50.

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.