First Trust Advisors LP Sells 70,423 Shares of Bank Of Montreal $BMO

Key Points

• First Trust Advisors LP reduced its Bank of Montreal stake by 19% in Q3, selling 70,423 shares and retaining 300,395 shares worth about $39.13 million.
• Other institutions mostly added to positions — notably CIBC Asset Management now holds 7.26 million shares (up 17.3%) and Citigroup increased its stake 36.6% to 502,382 shares — with roughly 45.8% of the stock owned by institutions.
• Bank of Montreal topped estimates with $2.51 EPS and $7.21 billion in revenue for the quarter, and pays a quarterly dividend of $1.67 (annualized $6.68), implying a 4.8% yield.

First Trust Advisors LP cut its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 19.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 300,395 shares of the bank's stock after selling 70,423 shares during the quarter. First Trust Advisors LP's holdings in Bank Of Montreal were worth $39,127,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Bank Of Montreal by 18.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 739,598 shares of the bank's stock valued at $82,015,000 after acquiring an additional 114,458 shares in the last quarter. Citigroup Inc. lifted its position in shares of Bank Of Montreal by 36.6% during the third quarter. Citigroup Inc. now owns 502,382 shares of the bank's stock worth $65,479,000 after purchasing an additional 134,699 shares in the last quarter. Addenda Capital Inc. grew its stake in shares of Bank Of Montreal by 9.5% during the third quarter. Addenda Capital Inc. now owns 734,616 shares of the bank's stock valued at $95,684,000 after purchasing an additional 63,432 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Bank Of Montreal by 17.3% during the third quarter. CIBC Asset Management Inc now owns 7,260,160 shares of the bank's stock valued at $949,441,000 after purchasing an additional 1,070,546 shares during the last quarter. Finally, JCIC Asset Management Inc. acquired a new stake in shares of Bank Of Montreal in the third quarter valued at approximately $7,939,000. 45.82% of the stock is owned by institutional investors.

Bank Of Montreal Trading Down 2.2%

Shares of NYSE BMO opened at $138.94 on Friday. Bank Of Montreal has a fifty-two week low of $85.40 and a fifty-two week high of $149.01. The firm has a market capitalization of $98.12 billion, a P/E ratio of 16.14, a P/E/G ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. The company's 50 day simple moving average is $139.74 and its 200 day simple moving average is $131.08.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its earnings results on Wednesday, February 25th. The bank reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. The firm had revenue of $7.21 billion during the quarter, compared to analyst estimates of $6.73 billion. Bank Of Montreal had a net margin of 11.76% and a return on equity of 12.16%. The business's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.04 EPS. On average, analysts predict that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Wednesday, April 29th will be paid 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 4.8%. Bank Of Montreal's payout ratio is 56.56%.

Wall Street Analyst Weigh In

BMO has been the subject of several research analyst reports. Jefferies Financial Group restated a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, February 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Bank Of Montreal in a research report on Monday, December 29th. Wall Street Zen raised Bank Of Montreal from a "sell" rating to a "hold" rating in a research note on Sunday, February 8th. TD Securities upgraded Bank Of Montreal from a "hold" rating to a "buy" rating in a research report on Tuesday, January 27th. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research note on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank Of Montreal currently has an average rating of "Moderate Buy" and an average price target of $163.00.

About Bank Of Montreal

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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