Corient Private Wealth LP Acquires New Position in Bank Of Montreal $BMO

Key Points

• Corient Private Wealth LP acquired 21,844 shares of Bank of Montreal valued at approximately $3.86 million in the second quarter. Institutional investors collectively own 45.82% of the bank’s stock.
• Bank of Montreal exceeded quarterly expectations, reporting $2.84 in EPS versus the $2.71 consensus and $7.10 billion in revenue, up 10.1% year over year.
• The bank declared a quarterly dividend of $1.71, equivalent to an annualized $6.84 payout and a 4.0% yield. Analysts maintain a consensus “Hold” rating with a $163 price target.

Corient Private Wealth LP acquired a new stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,844 shares of the bank's stock, valued at approximately $3,859,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Bank Of Montreal during the 4th quarter worth $1,059,320,000. Canada Pension Plan Investment Board acquired a new stake in Bank Of Montreal in the second quarter valued at about $1,281,220,000. Caisse de depot et placement du Quebec bought a new position in Bank Of Montreal in the second quarter valued at about $957,549,000. Bank of Nova Scotia acquired a new position in Bank Of Montreal during the second quarter worth about $920,002,000. Finally, Legal & General Group Plc acquired a new position in Bank Of Montreal during the second quarter worth about $744,214,000. 45.82% of the stock is currently owned by institutional investors.

Bank Of Montreal Price Performance

BMO stock opened at $170.39 on Tuesday. The company has a market capitalization of $118.79 billion, a P/E ratio of 19.23, a PEG ratio of 1.02 and a beta of 0.94. The company has a fifty day moving average price of $177.88 and a 200-day moving average price of $159.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.01 and a current ratio of 1.01. Bank Of Montreal has a 52-week low of $118.66 and a 52-week high of $187.22.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings data on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.13. The company had revenue of $7.10 billion for the quarter, compared to analysts' expectations of $6.94 billion. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. Bank Of Montreal's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.23 earnings per share. As a group, equities analysts expect that Bank Of Montreal will post 10.76 EPS for the current year.

Bank Of Montreal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, October 30th. Bank Of Montreal's payout ratio is 54.29%.

Analysts Set New Price Targets

BMO has been the topic of a number of research analyst reports. Raymond James Financial restated an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Barclays restated an "underweight" rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Weiss Ratings cut Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. TD Securities restated a "buy" rating on shares of Bank Of Montreal in a research report on Wednesday, August 12th. Finally, Desjardins reaffirmed a "hold" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Bank Of Montreal has an average rating of "Hold" and a consensus price target of $163.00.

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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