State of Wyoming Takes $1.35 Million Position in Bank Of Montreal $BMO

Key Points

• Wyoming purchased a new $1.35 million position in Bank of Montreal during the second quarter, while institutional investors and hedge funds collectively own 45.82% of the stock.
• Analyst sentiment remains mixed, with five Buy, seven Hold, and one Sell rating; the consensus rating is Hold with an average price target of $163.
• Bank of Montreal exceeded quarterly earnings and revenue estimates, with earnings per share of $2.68 and revenue of $7.04 billion, and raised its quarterly dividend to $1.71, implying a 3.7% annual yield.

State of Wyoming purchased a new position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 7,660 shares of the bank's stock, valued at approximately $1,353,000.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Bank Of Montreal by 87.1% during the first quarter. AQR Capital Management LLC now owns 5,742 shares of the bank's stock worth $548,000 after buying an additional 2,673 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Bank Of Montreal in the 2nd quarter valued at about $1,018,000. Cerity Partners LLC raised its position in shares of Bank Of Montreal by 1.4% in the 2nd quarter. Cerity Partners LLC now owns 12,364 shares of the bank's stock valued at $1,368,000 after acquiring an additional 167 shares during the period. Qube Research & Technologies Ltd raised its position in shares of Bank Of Montreal by 166.3% in the 2nd quarter. Qube Research & Technologies Ltd now owns 411,108 shares of the bank's stock valued at $45,518,000 after acquiring an additional 256,755 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Bank Of Montreal by 5,614.3% during the 2nd quarter. NewEdge Advisors LLC now owns 2,800 shares of the bank's stock worth $310,000 after acquiring an additional 2,751 shares during the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BMO has been the subject of a number of analyst reports. Desjardins restated a "hold" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Barclays reiterated an "underweight" rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Zacks Research cut shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. TD Securities reissued a "buy" rating on shares of Bank Of Montreal in a report on Wednesday. Finally, Scotiabank restated an "outperform" rating on shares of Bank Of Montreal in a research report on Tuesday, June 16th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $163.00.

Bank Of Montreal Stock Performance

Shares of BMO stock opened at $185.75 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $129.49 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 1.04 and a beta of 0.94. The company's 50 day moving average price is $176.43 and its two-hundred day moving average price is $156.89. Bank Of Montreal has a 52 week low of $112.21 and a 52 week high of $185.86.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, beating analysts' consensus estimates of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The firm had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.98 billion. During the same quarter in the previous year, the firm posted $2.62 earnings per share. The business's revenue was up 10.2% on a year-over-year basis. On average, analysts expect that Bank Of Montreal will post 11.86 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be given a $1.71 dividend. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $6.84 annualized dividend and a yield of 3.7%. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.67. Bank Of Montreal's payout ratio is presently 51.06%.

Bank Of Montreal 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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