Northern Trust Corp Purchases 32,989 Shares of Bank Of Montreal $BMO

Key Points

• Northern Trust Corp increased its stake in Bank of Montreal (BMO) by 6.1%, acquiring an additional 32,989 shares during the first quarter, bringing its total holdings to 570,798 shares valued at approximately $54.5 million.
• The Bank of Montreal announced a quarterly dividend increase from $1.18 to $1.63, representing a 5.5% yield and a payout ratio of 62.13%.
• Bank of Montreal reported an earnings per share (EPS) of $2.33 for the recent quarter, which beat analyst expectations and reflects a 9.7% increase in revenue compared to the same period last year.

Northern Trust Corp raised its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 6.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 570,798 shares of the bank's stock after acquiring an additional 32,989 shares during the quarter. Northern Trust Corp owned approximately 0.08% of Bank Of Montreal worth $54,517,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in shares of Bank Of Montreal by 213.1% during the first quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank's stock worth $406,825,000 after acquiring an additional 2,899,061 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Bank Of Montreal by 15.4% during the fourth quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock worth $1,184,636,000 after acquiring an additional 1,630,962 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Bank Of Montreal by 8.6% during the fourth quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock worth $1,244,284,000 after acquiring an additional 1,020,712 shares during the last quarter. Nuveen LLC bought a new position in shares of Bank Of Montreal in the 1st quarter worth $52,070,000. Finally, Vanguard Group Inc. boosted its position in shares of Bank Of Montreal by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank's stock worth $2,960,102,000 after purchasing an additional 503,027 shares during the last quarter. 45.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on BMO shares. National Bankshares reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research note on Friday, August 15th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Wall Street Zen lowered Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Saturday. Royal Bank Of Canada lifted their target price on Bank Of Montreal from $161.00 to $168.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Cowen reiterated a "hold" rating on shares of Bank Of Montreal in a report on Wednesday. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank Of Montreal has an average rating of "Hold" and a consensus target price of $168.00.

Bank Of Montreal Stock Up 1.6%

BMO stock traded up $1.89 during trading hours on Friday, reaching $121.09. 887,113 shares of the stock were exchanged, compared to its average volume of 607,348. The firm's 50-day moving average is $113.05 and its 200-day moving average is $104.20. The company has a market cap of $86.75 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.24 and a beta of 1.07. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. Bank Of Montreal has a 12 month low of $81.69 and a 12 month high of $121.17.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, topping the consensus estimate of $2.12 by $0.21. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The firm had revenue of $6.51 billion for the quarter, compared to analysts' expectations of $8.84 billion. During the same period in the previous year, the firm posted $2.64 EPS. The company's revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts expect that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be given a $1.63 dividend. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.18. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 5.4%. Bank Of Montreal's payout ratio is 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.