Hillsdale Investment Management Inc. Sells 46,902 Shares of Bank Of Montreal $BMO

Key Points

• Hillsdale Investment Management cut its Bank of Montreal stake by 8.9% in the fourth quarter, selling 46,902 shares and leaving it with 478,120 shares worth about $62.2 million.
• Bank of Montreal beat earnings expectations in its latest quarterly report, posting EPS of $2.68 versus the $2.54 consensus and revenue of $7.04 billion, up 10.2% year over year.
• The bank also raised its quarterly dividend to $1.71 per share from $1.67, implying an annualized payout of $6.84 and a dividend yield of 4.2%.

Hillsdale Investment Management Inc. reduced its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 8.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 478,120 shares of the bank's stock after selling 46,902 shares during the quarter. Bank Of Montreal accounts for approximately 1.7% of Hillsdale Investment Management Inc.'s portfolio, making the stock its 8th largest holding. Hillsdale Investment Management Inc. owned 0.07% of Bank Of Montreal worth $62,203,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citigroup Inc. grew its position in 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 buying an additional 134,699 shares during the period. Jefferies Financial Group Inc. grew its position in Bank Of Montreal by 6,300.1% during the fourth quarter. Jefferies Financial Group Inc. now owns 479,492 shares of the bank's stock worth $62,233,000 after buying an additional 472,000 shares during the period. Vanguard Group Inc. grew its position in Bank Of Montreal by 0.5% during the third quarter. Vanguard Group Inc. now owns 32,343,957 shares of the bank's stock worth $4,214,676,000 after buying an additional 149,944 shares during the period. Aviso Financial Inc. grew its position in Bank Of Montreal by 24.2% during the third quarter. Aviso Financial Inc. now owns 1,002,099 shares of the bank's stock worth $130,601,000 after buying an additional 195,154 shares during the period. Finally, Candriam S.C.A. grew its position in Bank Of Montreal by 2,553.4% during the third quarter. Candriam S.C.A. now owns 180,563 shares of the bank's stock worth $23,534,000 after buying an additional 173,758 shares during the period. 45.82% of the stock is currently owned by institutional investors and hedge funds.

Bank Of Montreal Stock Up 0.1%

BMO stock opened at $162.07 on Friday. The company's 50 day simple moving average is $148.07 and its 200-day simple moving average is $139.17. The firm has a market capitalization of $113.59 billion, a PE ratio of 17.20, a P/E/G ratio of 0.90 and a beta of 0.94. Bank Of Montreal has a 12 month low of $104.08 and a 12 month high of $163.75. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, beating the consensus estimate of $2.54 by $0.14. The business had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.62 earnings per share. Equities analysts expect that Bank Of Montreal will post 11.73 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be given a $1.71 dividend. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.67. This represents a $6.84 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Thursday, July 30th. Bank Of Montreal's dividend payout ratio (DPR) is currently 53.40%.

Analyst Ratings Changes

Several brokerages have weighed in on BMO. Zacks Research lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Desjardins restated a "hold" rating on shares of Bank Of Montreal in a research report on Thursday. Raymond James Financial restated an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Weiss Ratings upgraded shares of Bank Of Montreal from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, February 25th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Bank Of Montreal has a consensus rating of "Hold" and a consensus target price of $163.00.

Bank Of Montreal Company 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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