Invesco Ltd. Sells 81,796 Shares of Bank Of Montreal $BMO

Key Points

• Invesco Ltd. reduced its stake in Bank Of Montreal by 7.5%, selling 81,796 shares and holding 1,012,257 shares as of the latest SEC filing.
• Bank Of Montreal is set to increase its quarterly dividend to $1.1801 per share, resulting in an annualized dividend yield of 4.2% for shareholders.
• The bank reported earnings of $1.84 per share for the quarter, meeting analysts' expectations, but recognizing a revenue miss compared to expectations.

Invesco Ltd. reduced its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 7.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,012,257 shares of the bank's stock after selling 81,796 shares during the quarter. Invesco Ltd. owned about 0.14% of Bank Of Montreal worth $96,681,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Bank Of Montreal by 1.6% during the first quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank's stock valued at $2,960,102,000 after purchasing an additional 503,027 shares during the last quarter. Toronto Dominion Bank lifted its position in Bank Of Montreal by 8.6% during the fourth quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock valued at $1,244,284,000 after purchasing an additional 1,020,712 shares during the last quarter. Mackenzie Financial Corp lifted its position in Bank Of Montreal by 15.4% during the fourth quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock valued at $1,184,636,000 after purchasing an additional 1,630,962 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Bank Of Montreal by 42.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock valued at $664,742,000 after purchasing an additional 2,044,862 shares during the last quarter. Finally, JARISLOWSKY FRASER Ltd lifted its position in Bank Of Montreal by 6.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 6,711,773 shares of the bank's stock valued at $651,250,000 after purchasing an additional 426,442 shares during the last quarter. 45.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on BMO. Wall Street Zen upgraded shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. National Bankshares reiterated an "outperform" rating on shares of Bank Of Montreal in a research report on Friday. Scotiabank began coverage on shares of Bank Of Montreal in a research report on Thursday, May 15th. They set a "sector perform" rating for the company. Finally, CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Bank Of Montreal presently has a consensus rating of "Hold" and an average target price of $129.50.

Bank Of Montreal Stock Down 0.3%

BMO stock traded down $0.38 during trading on Monday, hitting $113.08. 258,925 shares of the stock traded hands, compared to its average volume of 814,424. Bank Of Montreal has a 1 year low of $81.13 and a 1 year high of $115.66. The firm's 50 day moving average is $111.37 and its two-hundred day moving average is $103.15. The stock has a market cap of $81.01 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.84. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $8.79 billion. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.59 EPS. On average, sell-side analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

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

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.