LPL Financial LLC Has $33.67 Million Position in Bank Of Montreal (NYSE:BMO)

Key Points

• LPL Financial LLC has increased its holdings in Bank Of Montreal by 8.7%, now owning 352,524 shares valued at approximately $33.67 million.
• Bank Of Montreal recently announced a quarterly dividend of $1.1801 per share, reflecting an annualized yield of 4.3%, up from the previous $1.11 dividend.
• Analysts have mixed ratings on the stock; one report downgraded it to "sell," while others maintain "hold" or "neutral" ratings, with an average price target of $129.50.

LPL Financial LLC increased its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 8.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 352,524 shares of the bank's stock after purchasing an additional 28,256 shares during the period. LPL Financial LLC's holdings in Bank Of Montreal were worth $33,670,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BMO. North Star Asset Management Inc. lifted its position in shares of Bank Of Montreal by 1.2% during the fourth quarter. North Star Asset Management Inc. now owns 8,422 shares of the bank's stock worth $817,000 after purchasing an additional 100 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Bank Of Montreal by 2.6% during the first quarter. Oppenheimer & Co. Inc. now owns 4,717 shares of the bank's stock worth $451,000 after purchasing an additional 120 shares in the last quarter. Wealth Alliance LLC lifted its position in shares of Bank Of Montreal by 1.8% during the first quarter. Wealth Alliance LLC now owns 8,146 shares of the bank's stock worth $778,000 after purchasing an additional 142 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Bank Of Montreal by 5.4% during the first quarter. Sequoia Financial Advisors LLC now owns 3,797 shares of the bank's stock worth $363,000 after purchasing an additional 196 shares in the last quarter. Finally, Grove Bank & Trust lifted its position in shares of Bank Of Montreal by 39.2% during the first quarter. Grove Bank & Trust now owns 710 shares of the bank's stock worth $68,000 after purchasing an additional 200 shares in the last quarter. 45.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Scotiabank assumed coverage on shares of Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. CIBC reissued a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Wall Street Zen cut shares of Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Barclays cut shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $129.50.

Bank Of Montreal Stock Performance

NYSE BMO traded up $0.41 during trading hours on Friday, hitting $110.85. The company had a trading volume of 730,541 shares, compared to its average volume of 828,673. The firm has a market cap of $79.63 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.22 and a beta of 1.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. Bank Of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $115.66. The business has a fifty day simple moving average of $110.06 and a 200-day simple moving average of $102.13.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, meeting analysts' consensus estimates 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 analyst estimates of $8.79 billion. During the same quarter last year, the company posted $2.59 EPS. Bank Of Montreal's revenue for the quarter was up 8.8% on a year-over-year basis. Equities analysts predict that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be paid a $1.1801 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a $4.72 annualized dividend and a yield of 4.3%. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. Bank Of Montreal's payout ratio is presently 62.13%.

Bank Of Montreal Company 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.