Legacy Financial Advisors Inc. Purchases Shares of 2,386 Bank Of Montreal $BMO

Key Points

• Legacy Financial Advisors Inc. has acquired 2,386 shares of Bank Of Montreal (BMO) valued at approximately $228,000 during the first quarter of the year.
• Several large investors have significantly increased their stakes in BMO, with hedge funds and institutional investors collectively owning 45.82% of the company's stock.
• The Bank Of Montreal announced a dividend increase to $1.1801 per share, representing an annualized yield of 4.2%, which is an increase from the previous dividend of $1.11.

Legacy Financial Advisors Inc. acquired a new stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,386 shares of the bank's stock, valued at approximately $228,000.

Several other large investors have also recently modified their holdings of BMO. Cary Street Partners Investment Advisory LLC grew its position in Bank Of Montreal by 228.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock worth $26,000 after acquiring an additional 190 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Bank Of Montreal in the first quarter valued at approximately $34,000. Dunhill Financial LLC purchased a new stake in shares of Bank Of Montreal during the fourth quarter valued at approximately $39,000. CX Institutional bought a new position in shares of Bank Of Montreal in the first quarter worth approximately $42,000. Finally, HM Payson & Co. purchased a new position in shares of Bank Of Montreal in the first quarter worth $42,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BMO. Wall Street Zen raised shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Scotiabank assumed coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating for the company. CIBC restated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. National Bankshares reiterated an "outperform" rating on shares of Bank Of Montreal in a report on Friday, August 15th. Finally, Barclays cut Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $129.50.

Bank Of Montreal Stock Down 0.3%

BMO stock opened at $112.7830 on Thursday. Bank Of Montreal has a fifty-two week low of $81.13 and a fifty-two week high of $115.66. The company has a market capitalization of $80.79 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.25 and a beta of 1.07. The business's 50 day moving average price is $111.58 and its two-hundred day moving average price is $103.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00.

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

Bank Of Montreal Increases Dividend

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

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