PCJ Investment Counsel Ltd. Buys 12,830 Shares of Bank Of Montreal (NYSE:BMO)

Key Points

• PCJ Investment Counsel Ltd. increased its stake in Bank of Montreal by 29.1%, now holding 56,870 shares worth approximately $5.43 million.
• Institutional investors collectively own 45.82% of Bank of Montreal's stock, with notable increases in holdings from firms like Goldman Sachs and The Manufacturers Life Insurance Company.
• Bank of Montreal declared a quarterly dividend of $1.1801 per share, which marks an increase from the previous dividend, resulting in an annual yield of 4.2%.

PCJ Investment Counsel Ltd. boosted its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 29.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,870 shares of the bank's stock after acquiring an additional 12,830 shares during the quarter. Bank Of Montreal comprises about 2.1% of PCJ Investment Counsel Ltd.'s investment portfolio, making the stock its 13th biggest holding. PCJ Investment Counsel Ltd.'s holdings in Bank Of Montreal were worth $5,432,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in 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 valued at $406,825,000 after buying an additional 2,899,061 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake 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 buying an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp lifted its stake 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 buying an additional 1,630,962 shares in the last quarter. Toronto Dominion Bank lifted its stake 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 buying an additional 1,020,712 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake 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 buying an additional 503,027 shares in the last quarter. 45.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BMO has been the subject of a number of analyst reports. Wall Street Zen raised shares of Bank Of Montreal from a "sell" rating to a "hold" rating in a research note on Saturday. Barclays downgraded Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Finally, Scotiabank began coverage on Bank Of Montreal in a report on Thursday, May 15th. They issued a "sector perform" rating on the stock. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $129.50.

Bank Of Montreal Stock Up 0.2%

NYSE:BMO traded up $0.21 during mid-day trading on Friday, reaching $112.82. The stock had a trading volume of 478,291 shares, compared to its average volume of 776,964. The business's 50 day moving average is $110.72 and its 200 day moving average is $102.58. Bank Of Montreal has a fifty-two week low of $80.97 and a fifty-two week high of $115.66. The stock has a market cap of $81.04 billion, a P/E ratio of 14.63, a PEG ratio of 1.24 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 released its quarterly earnings data on Wednesday, May 28th. The bank reported $1.84 EPS for the quarter, hitting 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 firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter in the prior year, the company posted $2.59 earnings per share. The firm's revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts predict 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 Tuesday, August 26th. Investors of record on Wednesday, July 30th will be issued a $1.1801 dividend. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, July 30th. Bank Of Montreal's dividend 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.