NBT Bank N A NY Increases Stake in Bank Of Montreal $BMO

Key Points

• NBT Bank N A NY increased its stake in Bank Of Montreal by an impressive 2,190.6% in the second quarter, acquiring an additional 44,075 shares, bringing its total holdings to 46,087 shares valued at approximately $5.1 million.
• The bank is set to pay a quarterly dividend of $1.63 on November 26th, up from its previous dividend of $1.18, representing a yielding rate of 5.1%.
• Research analysts have varied opinions on BMO stock, with one analyst giving a strong-buy rating, but the average consensus rating remains at "Moderate Buy" with a target price of $163.00.

NBT Bank N A NY boosted its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 2,190.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 46,087 shares of the bank's stock after acquiring an additional 44,075 shares during the period. NBT Bank N A NY's holdings in Bank Of Montreal were worth $5,099,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Bank Of Montreal by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank's stock valued at $2,960,102,000 after acquiring an additional 503,027 shares during the period. Goldman Sachs Group Inc. raised its stake in Bank Of Montreal by 213.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank's stock valued at $406,825,000 after acquiring an additional 2,899,061 shares during the period. JPMorgan Chase & Co. raised its stake in Bank Of Montreal by 8.3% in the 1st quarter. JPMorgan Chase & Co. now owns 3,938,484 shares of the bank's stock valued at $376,165,000 after acquiring an additional 303,496 shares during the period. Fiera Capital Corp raised its stake in Bank Of Montreal by 4.4% in the 1st quarter. Fiera Capital Corp now owns 3,864,901 shares of the bank's stock valued at $369,445,000 after acquiring an additional 163,087 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in Bank Of Montreal by 66.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank's stock valued at $351,154,000 after acquiring an additional 1,469,084 shares during the period. 45.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on BMO shares. CIBC raised Bank Of Montreal from a "neutral" rating to a "sector outperform" rating in a report on Friday, September 5th. Cowen reaffirmed a "hold" rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. UBS Group reaffirmed a "neutral" rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. Cibc World Mkts raised Bank Of Montreal from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank Of Montreal in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $163.00.

Bank Of Montreal Stock Down 0.4%

Shares of NYSE BMO opened at $128.72 on Wednesday. Bank Of Montreal has a 12 month low of $85.40 and a 12 month high of $131.36. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $92.02 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 1.31 and a beta of 1.03. The business has a 50-day moving average of $121.50 and a 200-day moving average of $109.52.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.21. The company had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.Bank Of Montreal's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.64 EPS. Sell-side analysts expect that Bank Of Montreal will post 7.71 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, November 26th. Investors of record on Thursday, October 30th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, October 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.18. Bank Of Montreal's dividend payout ratio is presently 58.63%.

About Bank Of Montreal

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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