Goldman Sachs Group Inc. Buys 2,899,061 Shares of Bank Of Montreal (NYSE:BMO)

Key Points

• Goldman Sachs Group Inc. increased its stake in Bank of Montreal (NYSE:BMO) by 213.1%, owning over 4.25 million shares worth approximately $406.83 million.
• Bank of Montreal recently declared a quarterly dividend of $1.1801, up from the previous $1.11, representing a dividend yield of 4.2%.
• The bank's recent quarterly earnings showed earnings per share (EPS) of $1.84, meeting analysts' expectations, but with revenues of $6.32 billion, below the consensus estimate of $8.79 billion.

Goldman Sachs Group Inc. increased its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 213.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,259,505 shares of the bank's stock after purchasing an additional 2,899,061 shares during the period. Goldman Sachs Group Inc. owned approximately 0.59% of Bank Of Montreal worth $406,825,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its stake in shares of Bank Of Montreal by 42.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock worth $664,742,000 after purchasing an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Bank Of Montreal by 15.4% during the 4th quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock worth $1,184,636,000 after purchasing an additional 1,630,962 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Bank Of Montreal by 8.6% during the 4th 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. Raymond James Financial Inc. bought a new stake in shares of Bank Of Montreal during the 4th quarter worth approximately $48,353,000. Finally, Value Partners Investments Inc. lifted its position in shares of Bank Of Montreal by 803.3% during the 1st quarter. Value Partners Investments Inc. now owns 508,135 shares of the bank's stock valued at $48,573,000 after acquiring an additional 451,881 shares during the period. Institutional investors own 45.82% of the company's stock.

Bank Of Montreal Price Performance

Bank Of Montreal stock traded up $0.21 during midday trading on Friday, hitting $112.82. 478,291 shares of the company's stock were exchanged, compared to its average volume of 776,964. Bank Of Montreal has a 52-week low of $80.97 and a 52-week high of $115.66. The stock has a 50-day moving average price of $110.72 and a two-hundred day moving average price of $102.58. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $81.04 billion, a P/E ratio of 14.63, a PEG ratio of 1.24 and a beta of 1.07.

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

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Wednesday, July 30th will be issued a $1.1801 dividend. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, July 30th. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's dividend payout ratio (DPR) is currently 62.13%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wall Street Zen upgraded Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Saturday. Scotiabank initiated coverage on Bank Of Montreal in a research note on Thursday, May 15th. They set a "sector perform" rating for the company. Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Finally, CIBC restated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $129.50.

About Bank Of Montreal

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.