TD Waterhouse Canada Inc. Purchases 20,334 Shares of Bank Of Montreal $BMO

Key Points

• TD Waterhouse Canada increased its Bank of Montreal position by 20,334 shares, bringing its holdings to 6.37 million shares valued at approximately $1.06 billion. Institutional investors collectively own 45.82% of BMO.
• Bank of Montreal reported quarterly earnings of $2.84 per share, exceeding estimates of $2.71, while revenue rose 10.1% year over year to $7.10 billion.
• BMO declared a quarterly dividend of C$1.71 per share, representing an annualized payout of C$6.84 and a 4.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $244.

TD Waterhouse Canada Inc. grew its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 0.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,371,237 shares of the bank's stock after buying an additional 20,334 shares during the quarter. Bank Of Montreal accounts for 2.8% of TD Waterhouse Canada Inc.'s holdings, making the stock its 6th largest holding. TD Waterhouse Canada Inc. owned approximately 0.92% of Bank Of Montreal worth $1,057,374,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BMO. Edmond DE Rothschild Holding S.A. purchased a new position in Bank Of Montreal during the 2nd quarter valued at about $28,000. Western Wealth Management LLC acquired a new position in Bank Of Montreal in the 1st quarter valued at about $38,000. Highland Investment Advisors LLC acquired a new position in Bank Of Montreal in the 2nd quarter valued at about $63,000. Virtus Advisers LLC acquired a new position in Bank Of Montreal in the 2nd quarter valued at about $95,000. Finally, Eastern Bank purchased a new stake in Bank Of Montreal during the second quarter worth about $88,000. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank Of Montreal Stock Up 0.6%

NYSE:BMO traded up $1.08 during midday trading on Friday, reaching $167.13. The company had a trading volume of 350,608 shares, compared to its average volume of 646,088. The firm has a market capitalization of $116.17 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 0.99 and a beta of 0.95. The stock's fifty day simple moving average is $172.47 and its 200-day simple moving average is $166.48. Bank Of Montreal has a 12-month low of $119.84 and a 12-month high of $187.22. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its earnings results on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, topping the consensus estimate of $2.71 by $0.13. The firm had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $6.94 billion. Bank Of Montreal had a return on equity of 13.60% and a net margin of 11.72%. Bank Of Montreal's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.23 EPS. On average, sell-side analysts anticipate that Bank Of Montreal will post 10.76 earnings per share for the current fiscal year.

Bank Of Montreal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be issued a dividend of C$1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, October 30th. Bank Of Montreal's payout ratio is 54.29%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BMO shares. TD Securities reissued a "buy" rating on shares of Bank Of Montreal in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce lowered shares of Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research note on Tuesday, August 18th. Keefe, Bruyette & Woods started coverage on shares of Bank Of Montreal in a report on Friday, August 21st. They issued an "outperform" rating for the company. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Bank Of Montreal in a research note on Thursday, August 27th. Finally, Barclays reaffirmed an "underweight" rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Bank Of Montreal presently has a consensus rating of "Hold" and an average price target of $244.00.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group name, is a diversified financial services company headquartered in Montreal, Quebec. Founded in 1817, it is one of Canada's largest banks and the country's oldest continuously operating bank.

BMO provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and cash-management products. Through its wealth management businesses, the company offers investment, advisory, private banking, asset-management and retirement-planning services to individuals, families and institutions.

The company also operates a capital markets business that provides investment banking, corporate lending, financial advisory, trading, research and other services to corporations, governments and institutional clients.

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