Cidel Asset Management Inc. Reduces Stake in Bank Of Montreal $BMO

Key Points

• Cidel Asset Management cut its stake in Bank of Montreal by 63.7%, selling 37,398 shares and leaving it with 21,295 shares valued at about $2.77 million as of the latest 13F filing.
• Bank of Montreal beat quarterly estimates with EPS of $2.51 (vs. $2.35 est.) and revenue of $7.21 billion (vs. $6.73B est., up 6% year-over-year), and declared a quarterly dividend of $1.67 per share (annualized yield ~4.9%).
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $163, supported by recent upgrades from firms including Zacks, TD Securities, and Raymond James.

Cidel Asset Management Inc. cut its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 63.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,295 shares of the bank's stock after selling 37,398 shares during the period. Cidel Asset Management Inc.'s holdings in Bank Of Montreal were worth $2,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Signaturefd LLC increased its position in shares of Bank Of Montreal by 1.0% during the 4th quarter. Signaturefd LLC now owns 10,714 shares of the bank's stock valued at $1,391,000 after purchasing an additional 105 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in Bank Of Montreal by 20.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 2,961 shares of the bank's stock worth $384,000 after buying an additional 499 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in Bank Of Montreal in the fourth quarter worth $602,000. FNY Investment Advisers LLC purchased a new position in Bank Of Montreal during the fourth quarter worth $13,524,000. Finally, Frank Rimerman Advisors LLC increased its position in Bank Of Montreal by 52.9% during the fourth quarter. Frank Rimerman Advisors LLC now owns 6,664 shares of the bank's stock valued at $865,000 after acquiring an additional 2,305 shares during the last quarter. 45.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BMO. Zacks Research raised shares of Bank Of Montreal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 19th. TD Securities upgraded shares of Bank Of Montreal from a "hold" rating to a "buy" rating in a report on Tuesday, January 27th. Raymond James Financial raised shares of Bank Of Montreal from a "market perform" rating to an "outperform" rating in a research report on Friday, February 13th. Jefferies Financial Group reissued a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, February 25th. Finally, Scotiabank restated a "sector perform" rating on shares of Bank Of Montreal in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Bank Of Montreal presently has a consensus rating of "Moderate Buy" and an average target price of $163.00.

Bank Of Montreal Stock Up 0.0%

Bank Of Montreal stock opened at $136.25 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market cap of $95.99 billion, a P/E ratio of 15.82, a P/E/G ratio of 0.88 and a beta of 0.92. The business has a fifty day moving average of $140.24 and a two-hundred day moving average of $132.54. Bank Of Montreal has a twelve month low of $85.40 and a twelve month high of $149.01.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, February 25th. The bank reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.16. Bank Of Montreal had a net margin of 11.76% and a return on equity of 12.16%. The business had revenue of $7.21 billion for the quarter, compared to analysts' expectations of $6.73 billion. During the same period last year, the business earned $3.04 EPS. The company's revenue was up 6.0% compared to the same quarter last year. On average, analysts forecast that Bank Of Montreal will post 7.71 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 Tuesday, May 26th. Stockholders of record on Wednesday, April 29th will be issued a dividend of $1.67 per share. The ex-dividend date of this dividend is Wednesday, April 29th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.9%. Bank Of Montreal's payout ratio is 56.56%.

Bank Of Montreal Profile

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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