Bank Of Montreal (NYSE:BMO) Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Bank Of Montreal, acquiring an additional 27,291 shares, bringing its total holdings to approximately 1,941,007 shares valued at $185.3 million.
• Bank Of Montreal recently raised its quarterly dividend from $1.11 to $1.18, with a yield of 4.2%, reflecting a commitment to returning value to shareholders.
• Analysts have mixed views on Bank Of Montreal, with a consensus rating of "Hold" and a target price of $129.50, indicating cautious optimism in the stock's outlook.

Charles Schwab Investment Management Inc. lifted its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,941,007 shares of the bank's stock after buying an additional 27,291 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.27% of Bank Of Montreal worth $185,329,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. ASR Vermogensbeheer N.V. acquired a new position in Bank Of Montreal in the first quarter worth $2,278,000. Greykasell Wealth Strategies Inc. acquired a new stake in Bank Of Montreal during the 1st quarter worth about $145,000. Vanguard Group Inc. boosted its position in Bank Of Montreal by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank's stock worth $2,960,102,000 after acquiring an additional 503,027 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Bank Of Montreal by 213.1% in 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. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Bank Of Montreal by 228.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock worth $26,000 after buying an additional 190 shares during the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of Montreal Stock Performance

NYSE:BMO traded up $0.45 during trading hours on Tuesday, reaching $113.23. The stock had a trading volume of 669,758 shares, compared to its average volume of 775,807. Bank Of Montreal has a 12-month low of $81.13 and a 12-month high of $115.66. The stock has a 50 day simple moving average of $110.82 and a 200 day simple moving average of $102.68. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $81.34 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.24 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, hitting analysts' consensus estimates of $1.84. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter in the prior year, the business earned $2.59 EPS. The business's revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts forecast 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 Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be issued a dividend of $1.1801 per share. This is an increase 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 dividend on an annualized basis and a yield of 4.2%. Bank Of Montreal's payout ratio is 62.13%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BMO. Barclays cut Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. CIBC reissued a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Wall Street Zen raised Bank Of Montreal from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Scotiabank assumed coverage on Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating for the company. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $129.50.

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.