Pinnacle Financial Partners Inc Reduces Stock Holdings in Bank Of Montreal (NYSE:BMO)

Pinnacle Financial Partners Inc lessened its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 18.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 115,007 shares of the bank's stock after selling 25,684 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Bank Of Montreal were worth $10,984,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Bank Of Montreal during the fourth quarter worth about $1,014,633,000. The Manufacturers Life Insurance Company increased its position in shares of Bank Of Montreal by 42.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock worth $664,742,000 after purchasing an additional 2,044,862 shares during the last quarter. Mackenzie Financial Corp lifted its position 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 purchasing an additional 1,630,962 shares during the last quarter. Federated Hermes Inc. grew its stake in Bank Of Montreal by 1,527.7% in the 4th quarter. Federated Hermes Inc. now owns 1,160,494 shares of the bank's stock worth $112,626,000 after buying an additional 1,089,199 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Bank Of Montreal by 8.6% in the 4th quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock worth $1,244,284,000 after buying an additional 1,020,712 shares during the last quarter. 45.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BMO has been the subject of several research reports. Cibc World Mkts lowered shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a report on Tuesday, May 20th. Scotiabank initiated coverage on Bank Of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating on the stock. Finally, Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. Eight investment 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 stock has an average rating of "Hold" and an average target price of $129.50.

Bank Of Montreal Trading Up 1.2%

Bank Of Montreal stock traded up $1.39 during trading hours on Thursday, reaching $113.53. The company had a trading volume of 433,828 shares, compared to its average volume of 823,061. 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 has a 12-month low of $76.98 and a 12-month high of $113.32. The company has a 50-day moving average price of $104.41 and a 200 day moving average price of $99.75. The firm has a market cap of $81.77 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 1.23 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly 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 analyst estimates of $8.79 billion. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The firm's revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.59 EPS. Equities analysts forecast that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The firm also recently announced 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 is a boost from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 annualized dividend and a dividend yield of 4.16%. Bank Of Montreal's dividend payout ratio (DPR) is presently 57.33%.

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.