TCW Group Inc. Makes New $1.34 Million Investment in Bank Of Montreal (NYSE:BMO)

Key Points

• TCW Group Inc. has made a new investment of $1.34 million in Bank Of Montreal by acquiring 14,023 shares, according to recent SEC filings.
• Bank Of Montreal recently increased its quarterly dividend to $1.1801 per share, reflecting a boost from the previous dividend and an annual yield of 4.16%.
• The stock is currently rated as a "hold" by analysts, with an average consensus target price of $129.50.

TCW Group Inc. bought a new stake in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 14,023 shares of the bank's stock, valued at approximately $1,339,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BMO. The Manufacturers Life Insurance Company lifted its position in shares of Bank Of Montreal by 42.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock valued at $664,742,000 after buying an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Bank Of Montreal by 15.4% during the 4th quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock valued at $1,184,636,000 after buying an additional 1,630,962 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Bank Of Montreal by 1,527.7% during the 4th quarter. Federated Hermes Inc. now owns 1,160,494 shares of the bank's stock valued at $112,626,000 after buying an additional 1,089,199 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Bank Of Montreal by 8.6% in the 4th quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock valued at $1,244,284,000 after purchasing an additional 1,020,712 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Bank Of Montreal by 29.4% in the 4th quarter. Geode Capital Management LLC now owns 4,297,626 shares of the bank's stock valued at $422,450,000 after purchasing an additional 975,777 shares in the last quarter. Hedge funds and other institutional investors own 45.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BMO shares. CIBC restated 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. Barclays lowered Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a report on Monday, June 9th. Cibc World Mkts lowered Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Wall Street Zen lowered Bank Of Montreal from a "hold" rating to a "sell" rating in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Bank Of Montreal has a consensus rating of "Hold" and an average price target of $129.50.

Bank Of Montreal Stock Performance

Shares of NYSE:BMO traded down $2.09 during trading on Wednesday, reaching $111.20. The company had a trading volume of 636,072 shares, compared to its average volume of 680,804. The firm has a market capitalization of $79.88 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.25 and a beta of 1.07. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00. The stock's fifty day moving average price is $109.63 and its 200 day moving average price is $101.86. Bank Of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $115.66.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released 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. Bank Of Montreal had a return on equity of 10.15% and a net margin of 10.25%. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $8.79 billion. During the same quarter in the previous year, the company posted $2.59 earnings per share. The company's revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that Bank Of Montreal will post 7.71 EPS for the current year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Wednesday, July 30th will be issued a $1.1801 dividend. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 annualized dividend and a yield of 4.24%. Bank Of Montreal's dividend payout ratio is 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.