Cidel Asset Management Inc. Boosts Stock Holdings in Bank Of Montreal $BMO

Key Points

• Cidel Asset Management more than doubled its Bank of Montreal stake in the second quarter, increasing holdings by 125.1% to 294,015 shares valued at approximately $51.95 million. Institutional investors collectively own 45.82% of BMO.
• Bank of Montreal exceeded quarterly expectations, reporting EPS of $2.84 versus the $2.71 consensus and revenue of $7.10 billion, up 10.1% year over year.
• Analysts maintain a mixed outlook, resulting in a consensus “Hold” rating and a $163 price target. BMO also declared a quarterly dividend of $1.71 per share, representing a 3.9% annualized yield.

Cidel Asset Management Inc. lifted its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 125.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 294,015 shares of the bank's stock after acquiring an additional 163,407 shares during the period. Bank Of Montreal accounts for approximately 2.5% of Cidel Asset Management Inc.'s holdings, making the stock its 5th biggest holding. Cidel Asset Management Inc.'s holdings in Bank Of Montreal were worth $51,948,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BMO. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Bank Of Montreal in the 2nd quarter worth about $28,000. WFA of San Diego LLC bought a new position in shares of Bank Of Montreal during the second quarter valued at approximately $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Bank Of Montreal during the fourth quarter valued at approximately $29,000. Larson Financial Group LLC lifted its stake in shares of Bank Of Montreal by 466.7% during the 3rd quarter. Larson Financial Group LLC now owns 238 shares of the bank's stock worth $31,000 after acquiring an additional 196 shares during the last quarter. Finally, Western Wealth Management LLC bought a new stake in shares of Bank Of Montreal during the 1st quarter worth approximately $38,000. Institutional investors own 45.82% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BMO. Canadian Imperial Bank of Commerce downgraded Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research report on Tuesday, August 18th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Keefe, Bruyette & Woods initiated coverage on shares of Bank Of Montreal in a report on Friday, August 21st. They issued an "outperform" rating on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research note on Wednesday, August 26th. Finally, Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a report on Friday, August 21st. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $163.00.

Bank Of Montreal Stock Down 0.2%

NYSE:BMO opened at $175.11 on Wednesday. Bank Of Montreal has a fifty-two week low of $119.84 and a fifty-two week high of $187.22. The stock has a market capitalization of $121.74 billion, a P/E ratio of 19.76, a P/E/G ratio of 1.04 and a beta of 0.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. The company's 50-day simple moving average is $177.79 and its 200-day simple moving average is $161.05.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.71 by $0.13. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The company had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $6.94 billion. During the same quarter in the prior year, the company posted $3.23 earnings per share. Bank Of Montreal's revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities analysts anticipate that Bank Of Montreal will post 10.76 earnings per share for the current fiscal year.

Bank Of Montreal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 26th. Stockholders of record on Friday, October 30th will be issued a dividend of $1.71 per share. The ex-dividend date is Friday, October 30th. This represents a $6.84 annualized dividend and a dividend yield of 3.9%. Bank Of Montreal's dividend payout ratio is 55.64%.

Bank Of Montreal Company Profile

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and serves individuals, businesses, institutions and governments through operations in Canada and the United States.

BMO's personal and commercial banking businesses provide deposit accounts, mortgages, consumer lending, credit cards, investment products and financial planning services. The bank also offers commercial lending, treasury management and other banking solutions to businesses of various sizes.

Through BMO Wealth Management, the company provides investment management, private banking, financial planning and related advisory services.

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