International Assets Investment Management LLC Acquires New Position in Bank Of Montreal $BMO

Key Points

• International Assets Investment Management opened a new position in Bank of Montreal during the first quarter, buying 406,135 shares worth about $55.0 million. The stake represented roughly 1.3% of its portfolio and about 0.06% of BMO.
• Bank of Montreal shares were up 1.4% to $179.08, near their 52-week high of $179.33. The stock has a market cap of $125.43 billion and is trading above both its 50-day and 200-day moving averages.
• The bank reported better-than-expected quarterly earnings of $2.68 per share on $7.04 billion in revenue, and it also raised its quarterly dividend to $1.71 per share. Analysts currently have a mixed view overall, with a consensus rating of Hold and an average price target of $163.00.

International Assets Investment Management LLC acquired a new stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 406,135 shares of the bank's stock, valued at approximately $54,966,000. Bank Of Montreal comprises about 1.3% of International Assets Investment Management LLC's portfolio, making the stock its 7th largest position. International Assets Investment Management LLC owned approximately 0.06% of Bank Of Montreal at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. ARQ Wealth Advisors LLC acquired a new stake in shares of Bank Of Montreal in the first quarter valued at approximately $240,000. Ferguson Wellman Capital Management Inc. acquired a new position in Bank Of Montreal during the first quarter worth $574,000. Candriam S.C.A. boosted its stake in Bank Of Montreal by 16.5% during the first quarter. Candriam S.C.A. now owns 244,022 shares of the bank's stock worth $32,947,000 after buying an additional 34,605 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Bank Of Montreal by 7.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 6,384 shares of the bank's stock valued at $864,000 after buying an additional 461 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Bank Of Montreal in the 1st quarter worth $678,000. 45.82% of the stock is owned by hedge funds and other institutional investors.

Bank Of Montreal Trading Up 1.4%

Shares of Bank Of Montreal stock traded up $2.42 on Friday, reaching $179.08. The company had a trading volume of 474,832 shares, compared to its average volume of 758,948. The firm's 50 day moving average price is $165.05 and its two-hundred day moving average price is $148.59. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02. Bank Of Montreal has a 52-week low of $109.64 and a 52-week high of $179.33. The firm has a market cap of $125.43 billion, a PE ratio of 19.01, a PEG ratio of 1.00 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings data on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The firm had revenue of $7.04 billion during the quarter, compared to analysts' expectations of $6.98 billion. During the same quarter last year, the company posted $2.62 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that Bank Of Montreal will post 11.82 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be issued a dividend of $1.71 per share. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.67. The ex-dividend date is Thursday, July 30th. This represents a $6.84 dividend on an annualized basis and a yield of 3.8%. Bank Of Montreal's dividend payout ratio (DPR) is 50.96%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BMO. Desjardins reissued a "hold" rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. TD Securities reiterated a "buy" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Weiss Ratings upgraded shares of Bank Of Montreal from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday. Scotiabank reiterated an "outperform" rating on shares of Bank Of Montreal in a report on Tuesday, June 16th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bank Of Montreal presently has an average rating of "Hold" and a consensus price target 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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