Quantinno Capital Management LP Boosts Stock Position in Bank Of Montreal $BMO

Key Points

• Quantinno Capital Management increased its BMO stake by 38.3% in the first quarter, bringing its holdings to 65,599 shares valued at approximately $8.9 million. Institutional investors collectively own 45.82% of the bank.
• Bank of Montreal reported quarterly earnings of $2.68 per share, beating estimates of $2.54, while revenue rose 10.2% year over year to $7.04 billion. Analysts have a consensus “Hold” rating and an average price target of $163.
• BMO raised its quarterly dividend to $1.71 per share, equivalent to an annualized dividend of $6.84 and a yield of about 3.8%.

Quantinno Capital Management LP boosted its stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 38.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,599 shares of the bank's stock after acquiring an additional 18,164 shares during the quarter. Quantinno Capital Management LP's holdings in Bank Of Montreal were worth $8,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BMO. Vanguard Group Inc. lifted its position in Bank Of Montreal by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank's stock worth $4,287,878,000 after buying an additional 673,248 shares during the last quarter. TD Asset Management Inc increased its position in Bank Of Montreal by 1.5% during the fourth quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank's stock valued at $2,519,180,000 after acquiring an additional 293,575 shares during the last quarter. FIL Ltd increased its position in Bank Of Montreal by 15.2% during the fourth quarter. FIL Ltd now owns 9,445,162 shares of the bank's stock valued at $1,226,622,000 after acquiring an additional 1,245,500 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank Of Montreal in the fourth quarter valued at $1,059,320,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Bank Of Montreal by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,030,219 shares of the bank's stock worth $932,242,000 after acquiring an additional 442,812 shares during the last quarter. Hedge funds and other institutional investors own 45.82% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on BMO. Raymond James Financial reissued an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. TD Securities reiterated a "buy" rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Weiss Ratings downgraded shares of Bank Of Montreal from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, June 16th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Bank Of Montreal has a consensus rating of "Hold" and an average target price of $163.00.

Bank Of Montreal Trading Up 0.0%

Shares of NYSE:BMO opened at $179.78 on Wednesday. The business's 50-day moving average is $173.38 and its 200 day moving average is $154.43. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. Bank Of Montreal has a 1 year low of $111.22 and a 1 year high of $184.21. The firm has a market capitalization of $125.62 billion, a P/E ratio of 19.08, a P/E/G ratio of 1.01 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. During the same quarter last year, the company earned $2.62 earnings per share. The company's quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that Bank Of Montreal will post 11.82 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be issued a $1.71 dividend. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.67. This represents a $6.84 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Thursday, July 30th. Bank Of Montreal's dividend payout ratio is currently 51.06%.

Bank Of Montreal Company Profile

Bank of Montreal NYSE: BMO, commonly known as BMO Financial Group, is one of Canada's largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO's core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.

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