Wellington Management Group LLP Invests $18.39 Million in Bank Of Montreal $BMO

Key Points

• Wellington Management initiated a $18.39 million position in Bank of Montreal during the second quarter, purchasing 104,112 shares. Institutional investors and hedge funds collectively own 45.82% of the bank.
• Bank of Montreal exceeded quarterly expectations, reporting $2.84 in EPS versus the $2.71 estimate and $7.10 billion in revenue, up 10.1% year over year.
• Analyst sentiment remains mixed, with the stock holding a consensus “Hold” rating and a $163 target price. BMO also declared a quarterly dividend of $1.71, representing a 3.9% annualized yield.

Wellington Management Group LLP bought a new position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 104,112 shares of the bank's stock, valued at approximately $18,395,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Edmond DE Rothschild Holding S.A. acquired a new position in Bank Of Montreal during the second quarter valued at approximately $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Bank Of Montreal in the fourth quarter worth $29,000. Larson Financial Group LLC raised its stake in shares of Bank Of Montreal by 466.7% in the 3rd quarter. Larson Financial Group LLC now owns 238 shares of the bank's stock valued at $31,000 after acquiring an additional 196 shares during the period. WFA of San Diego LLC purchased a new position in shares of Bank Of Montreal in the 2nd quarter valued at $28,000. Finally, Western Wealth Management LLC acquired a new position in shares of Bank Of Montreal during the 1st quarter valued at $38,000. Institutional investors and hedge funds own 45.82% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BMO. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Bank Of Montreal in a report on Thursday, August 27th. Barclays restated an "underweight" rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Keefe, Bruyette & Woods started coverage on Bank Of Montreal in a research report on Friday, August 21st. They issued an "outperform" rating for the company. Raymond James Financial reiterated an "outperform" rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce lowered Bank Of Montreal from a "sector outperform" rating to a "neutral" rating in a research report on Tuesday, August 18th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $163.00.

Bank Of Montreal Stock Performance

Shares of BMO stock opened at $175.45 on Monday. Bank Of Montreal has a 12 month low of $119.84 and a 12 month high of $187.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $121.95 billion, a P/E ratio of 19.80, a P/E/G ratio of 1.04 and a beta of 0.93. The company's fifty day moving average price is $177.84 and its two-hundred day moving average price is $160.59.

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

Bank Of Montreal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $6.84 dividend on an annualized basis and a yield of 3.9%. Bank Of Montreal's dividend payout ratio is currently 54.29%.

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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