Scotia Capital Inc. Has $330.02 Million Stake in Bank Of Montreal (NYSE:BMO)

Key Points

• Scotia Capital Inc. reduced its holdings in Bank Of Montreal (BMO) by 0.9%, selling 29,914 shares during the first quarter and now owns 3,463,496 shares, making up 1.8% of its portfolio.
• Bank Of Montreal reported earnings per share (EPS) of $1.84 for the quarter, meeting analysts' expectations, but had a revenue of $6.32 billion, which was below the expected $8.79 billion.
• The bank announced a quarterly dividend increase to $1.1801, marking a boost from its previous dividend, with an annualized yield of 4.3% and a payout ratio of 62.13%.

Scotia Capital Inc. trimmed its holdings in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,463,496 shares of the bank's stock after selling 29,914 shares during the quarter. Bank Of Montreal comprises about 1.8% of Scotia Capital Inc.'s investment portfolio, making the stock its 15th largest holding. Scotia Capital Inc. owned approximately 0.48% of Bank Of Montreal worth $330,024,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of BMO. Bayforest Capital Ltd purchased a new position in Bank Of Montreal in the first quarter worth $34,000. Dunhill Financial LLC purchased a new position in shares of Bank Of Montreal in the fourth quarter valued at about $39,000. HM Payson & Co. purchased a new position in shares of Bank Of Montreal during the 1st quarter worth approximately $42,000. CX Institutional purchased a new stake in shares of Bank Of Montreal in the first quarter worth $42,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Bank Of Montreal during the first quarter valued at $44,000. Institutional investors own 45.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BMO. Barclays downgraded shares of 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. Wall Street Zen downgraded Bank Of Montreal from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Scotiabank assumed coverage on Bank Of Montreal in a research report on Thursday, May 15th. They issued a "sector perform" rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $129.50.

Bank Of Montreal Stock Down 0.4%

BMO traded down $0.43 during trading hours on Tuesday, hitting $111.52. 75,959 shares of the company's stock were exchanged, compared to its average volume of 673,780. Bank Of Montreal has a 12-month low of $78.95 and a 12-month high of $115.66. The firm has a 50 day moving average of $110.23 and a 200 day moving average of $102.24. The firm has a market cap of $80.11 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.22 and a beta of 1.07. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12.

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, meeting analysts' consensus estimates of $1.84. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $8.79 billion. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%. The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.59 EPS. Analysts predict that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be given a $1.1801 dividend. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 annualized dividend and a dividend yield of 4.2%. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.11. 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.