Russell Investments Group Ltd. Increases Position in Bank Of Montreal $BMO

Key Points

• Russell Investments Group Ltd. increased its stake in Bank Of Montreal (NYSE:BMO) by 9.0%, acquiring an additional 21,499 shares, bringing its total holdings to 259,852 shares worth approximately $24.78 million.
• The Bank Of Montreal plans to distribute a quarterly dividend of $1.1801 per share, reflecting a yield of 4.2%, which is an increase from the previous dividend of $1.11.
• As of the last reporting period, 45.82% of Bank Of Montreal's shares are held by institutional investors, indicating strong interest from large financial institutions.

Russell Investments Group Ltd. lifted its stake in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 259,852 shares of the bank's stock after purchasing an additional 21,499 shares during the period. Russell Investments Group Ltd.'s holdings in Bank Of Montreal were worth $24,783,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BMO. North Star Asset Management Inc. increased its position in shares of Bank Of Montreal by 1.2% during the fourth quarter. North Star Asset Management Inc. now owns 8,422 shares of the bank's stock worth $817,000 after purchasing an additional 100 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in Bank Of Montreal by 2.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,717 shares of the bank's stock valued at $451,000 after acquiring an additional 120 shares during the period. Wealth Alliance LLC increased its position in Bank Of Montreal by 1.8% in the 1st quarter. Wealth Alliance LLC now owns 8,146 shares of the bank's stock valued at $778,000 after acquiring an additional 142 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Bank Of Montreal by 228.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after acquiring an additional 190 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Bank Of Montreal by 5.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,797 shares of the bank's stock valued at $363,000 after acquiring an additional 196 shares during the period. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays cut Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research report on Monday, June 9th. Scotiabank began coverage on Bank Of Montreal in a research report on Thursday, May 15th. They set a "sector perform" rating on the stock. National Bankshares reiterated an "outperform" rating on shares of Bank Of Montreal in a research report on Friday. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Bank Of Montreal from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, Bank Of Montreal currently has an average rating of "Hold" and an average price target of $129.50.

Bank Of Montreal Price Performance

BMO stock traded down $0.4550 on Wednesday, reaching $112.6850. The company had a trading volume of 177,847 shares, compared to its average volume of 660,855. Bank Of Montreal has a 1 year low of $81.13 and a 1 year high of $115.66. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The company's fifty day moving average is $111.48 and its 200 day moving average is $103.22. The company has a market cap of $80.72 billion, a P/E ratio of 14.63, a PEG ratio of 1.25 and a beta of 1.07.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.84. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%.Bank Of Montreal's revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.59 EPS. On average, research analysts forecast that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be paid a dividend of $1.1801 per share. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, July 30th. Bank Of Montreal's payout ratio is presently 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.