CIBC Asset Management Inc Has $814.50 Million Position in Bank Of Montreal $BMO

Key Points

• CIBC Asset Management reduced its Bank of Montreal stake by 14.1% in the fourth quarter, but still held 6.24 million shares worth about $814.5 million, making BMO its 10th-largest position.
• Bank of Montreal beat earnings expectations in its latest quarter, reporting EPS of $2.68 versus estimates of $2.54, while revenue rose 10.2% year over year to $7.04 billion.
• The bank also raised its quarterly dividend to $1.71 per share from $1.67, bringing the annualized payout to $6.84 and the dividend yield to about 4.1%.

CIBC Asset Management Inc lowered its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 14.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,237,739 shares of the bank's stock after selling 1,022,421 shares during the quarter. Bank Of Montreal makes up 2.0% of CIBC Asset Management Inc's portfolio, making the stock its 10th biggest position. CIBC Asset Management Inc owned 0.88% of Bank Of Montreal worth $814,500,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BMO. Canerector Inc. raised its position in shares of Bank Of Montreal by 18,035.0% in the 3rd quarter. Canerector Inc. now owns 22,668,750 shares of the bank's stock worth $2,952,605,000 after acquiring an additional 22,543,750 shares in the last quarter. Norges Bank bought a new position in shares of Bank Of Montreal in the 4th quarter worth $1,059,320,000. TD Asset Management Inc raised its position in shares of Bank Of Montreal by 10.3% in the 3rd quarter. TD Asset Management Inc now owns 19,079,026 shares of the bank's stock worth $2,486,691,000 after acquiring an additional 1,789,188 shares in the last quarter. UBS Group AG raised its position in shares of Bank Of Montreal by 155.3% in the 3rd quarter. UBS Group AG now owns 2,127,377 shares of the bank's stock worth $277,091,000 after acquiring an additional 1,294,169 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Bank Of Montreal by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank's stock worth $4,287,878,000 after acquiring an additional 673,248 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Zacks Research lowered Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Scotiabank raised Bank Of Montreal from a "sector perform" rating to a "sector outperform" rating in a research report on Monday. Raymond James Financial reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, February 25th. Finally, Barclays restated an "underweight" rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Bank Of Montreal has a consensus rating of "Hold" and a consensus target price of $163.00.

Bank Of Montreal Stock Up 1.7%

Shares of BMO stock opened at $165.42 on Wednesday. The stock's 50-day simple moving average is $148.60 and its 200-day simple moving average is $139.53. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $115.86 billion, a PE ratio of 17.56, a P/E/G ratio of 0.91 and a beta of 0.95. Bank Of Montreal has a fifty-two week low of $104.08 and a fifty-two week high of $165.92.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings data on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.14. The firm had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.62 earnings per share. Equities analysts expect that Bank Of Montreal will post 11.82 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be paid a $1.71 dividend. The ex-dividend date is Thursday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.67. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.1%. Bank Of Montreal's dividend payout ratio (DPR) is currently 50.96%.

About Bank Of Montreal

Bank of Montreal NYSE: BMO, commonly known as BMO Financial Group, is one of Canada's largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO's core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.

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