Envestnet Asset Management Inc. Increases Stock Position in Bank Of Montreal (NYSE:BMO)

Envestnet Asset Management Inc. boosted its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 0.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 464,123 shares of the bank's stock after purchasing an additional 3,403 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of Bank Of Montreal worth $44,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in BMO. Norges Bank acquired a new position in shares of Bank Of Montreal during the 4th quarter worth about $1,014,633,000. The Manufacturers Life Insurance Company lifted its position in shares of Bank Of Montreal by 42.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock valued at $664,742,000 after acquiring an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Bank Of Montreal by 15.4% in the fourth quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock valued at $1,184,636,000 after acquiring an additional 1,630,962 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Bank Of Montreal by 1,527.7% in the fourth quarter. Federated Hermes Inc. now owns 1,160,494 shares of the bank's stock worth $112,626,000 after acquiring an additional 1,089,199 shares during the last quarter. Finally, Toronto Dominion Bank increased its position in shares of Bank Of Montreal by 8.6% during the fourth quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock worth $1,244,284,000 after purchasing an additional 1,020,712 shares in the last quarter. 45.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BMO. Scotiabank initiated coverage on Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Cibc World Mkts lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Finally, Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $129.50.

Bank Of Montreal Trading Up 1.0%

Bank Of Montreal stock traded up $1.10 during midday trading on Wednesday, hitting $113.69. 395,366 shares of the stock were exchanged, compared to its average volume of 796,859. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. The stock's 50-day simple moving average is $107.09 and its 200 day simple moving average is $100.68. Bank Of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $114.76. The stock has a market capitalization of $81.67 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.25 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.84. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter last year, the firm earned $2.59 EPS. The business's revenue was up 8.8% compared to the same quarter last year. On average, equities analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be given a $1.1801 dividend. 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 4.15%. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's payout ratio is currently 62.13%.

Bank Of Montreal Company 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.