Federation des caisses Desjardins du Quebec Sells 1,707,414 Shares of Bank Of Montreal $BMO

Key Points

• Federation des caisses Desjardins du Quebec has reduced its stake in Bank of Montreal (BMO) by 34.6%, now holding approximately 3.22 million shares valued at $306.95 million.
• Bank of Montreal recently announced a quarterly dividend increase to $1.63 per share, up from $1.18, indicating positive financial performance.
• Institutional investors collectively own 45.82% of Bank of Montreal's stock, with several notable shareholders increasing their stakes in recent months.

Federation des caisses Desjardins du Quebec decreased its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 34.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,220,279 shares of the bank's stock after selling 1,707,414 shares during the quarter. Bank Of Montreal makes up 1.5% of Federation des caisses Desjardins du Quebec's holdings, making the stock its 17th largest holding. Federation des caisses Desjardins du Quebec owned 0.44% of Bank Of Montreal worth $306,951,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BMO. Cary Street Partners Investment Advisory LLC grew its holdings in Bank Of Montreal by 228.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after purchasing an additional 190 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Bank Of Montreal in the first quarter worth $34,000. Dunhill Financial LLC purchased a new position in shares of Bank Of Montreal in the fourth quarter worth $39,000. Truvestments Capital LLC purchased a new stake in shares of Bank Of Montreal in the first quarter worth about $39,000. Finally, CX Institutional acquired a new stake in Bank Of Montreal during the first quarter valued at $42,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank Of Montreal Stock Performance

Shares of BMO traded up $0.91 during midday trading on Friday, hitting $126.10. 1,017,063 shares of the stock traded hands, compared to its average volume of 656,152. The firm has a market capitalization of $90.33 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.04. The business's 50 day moving average price is $114.66 and its two-hundred day moving average price is $104.95. Bank Of Montreal has a 1-year low of $81.69 and a 1-year high of $127.20. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings data on Tuesday, August 26th. The bank reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.21. The business had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The company's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.64 earnings per share. Equities research analysts predict that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, October 30th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, October 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.18. This represents a $6.52 dividend on an annualized basis and a yield of 5.2%. Bank Of Montreal's dividend payout ratio (DPR) is currently 58.63%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BMO. Scotiabank reiterated a "sector perform" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Royal Bank Of Canada upped their target price on shares of Bank Of Montreal from $161.00 to $168.00 and gave the company an "outperform" rating in a report on Wednesday, August 27th. Barclays downgraded shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Wall Street Zen downgraded shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Finally, National Bankshares reiterated an "outperform" rating on shares of Bank Of Montreal in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Bank Of Montreal 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.