The Manufacturers Life Insurance Company Lowers Position in Bank Of Montreal $BMO

The Manufacturers Life Insurance Company lessened its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 13.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,434,845 shares of the bank’s stock after selling 369,898 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.35% of Bank Of Montreal worth $329,491,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Quantinno Capital Management LP increased its position in shares of Bank Of Montreal by 38.3% in the first quarter. Quantinno Capital Management LP now owns 65,599 shares of the bank’s stock worth $8,878,000 after purchasing an additional 18,164 shares during the last quarter. Lazard Asset Management LLC lifted its position in Bank Of Montreal by 8.0% during the first quarter. Lazard Asset Management LLC now owns 3,083 shares of the bank’s stock valued at $418,000 after purchasing an additional 228 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in Bank Of Montreal in the 1st quarter worth approximately $441,000. Lombard Odier Asset Management Switzerland SA grew its stake in Bank Of Montreal by 29.5% in the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 62,396 shares of the bank’s stock worth $8,448,000 after buying an additional 14,200 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Bank Of Montreal by 7.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,495,672 shares of the bank’s stock worth $473,306,000 after buying an additional 228,210 shares during the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Price Performance

BMO stock opened at $178.47 on Tuesday. The firm has a market cap of $125.00 billion, a P/E ratio of 18.95, a P/E/G ratio of 0.99 and a beta of 0.93. The firm’s fifty day moving average is $171.01 and its 200 day moving average is $152.48. Bank Of Montreal has a 52 week low of $109.64 and a 52 week high of $184.21. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.98 billion. During the same period in the previous year, the firm posted $2.62 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts predict that Bank Of Montreal will post 11.82 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be paid a $1.71 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 3.8%. Bank Of Montreal’s dividend payout ratio is presently 51.06%.

Analyst Upgrades and Downgrades

BMO has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday. Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Finally, TD Securities reiterated a “buy” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $163.00.

Bank Of Montreal Company 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.