Summerhill Capital Management lnc. Purchases New Stake in Bank Of Montreal $BMO

Summerhill Capital Management lnc. acquired a new stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,907 shares of the bank’s stock, valued at approximately $393,000. Bank Of Montreal comprises about 0.3% of Summerhill Capital Management lnc.’s portfolio, making the stock its 29th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Bank Of Montreal by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank’s stock valued at $4,287,878,000 after purchasing an additional 673,248 shares in the last quarter. Canerector Inc. lifted its position in shares of Bank Of Montreal by 18,035.0% during the third quarter. Canerector Inc. now owns 22,668,750 shares of the bank’s stock worth $2,952,605,000 after purchasing an additional 22,543,750 shares during the last quarter. TD Asset Management Inc grew its stake in Bank Of Montreal by 1.5% in the fourth quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank’s stock worth $2,519,180,000 after purchasing an additional 293,575 shares in the last quarter. FIL Ltd grew its stake in Bank Of Montreal by 15.2% in the fourth quarter. FIL Ltd now owns 9,445,162 shares of the bank’s stock worth $1,226,622,000 after purchasing an additional 1,245,500 shares in the last quarter. Finally, Norges Bank bought a new stake in Bank Of Montreal in the fourth quarter valued at about $1,059,320,000. 45.82% of the stock is owned by institutional investors and hedge funds.

Bank Of Montreal Trading Up 0.2%

Bank Of Montreal stock opened at $175.24 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $160.04 and a two-hundred day moving average price of $145.33. The firm has a market capitalization of $122.74 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 0.98 and a beta of 0.95. Bank Of Montreal has a 52-week low of $108.53 and a 52-week high of $175.54.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, topping the consensus estimate of $2.54 by $0.14. The firm had revenue of $7.04 billion during the quarter, compared to analysts’ expectations of $6.98 billion. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. Bank Of Montreal’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.62 EPS. Sell-side analysts expect that Bank Of Montreal will post 11.82 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be issued a $1.71 dividend. This is a positive change 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 yield of 3.9%. Bank Of Montreal’s dividend payout ratio is currently 50.96%.

Wall Street Analyst Weigh In

BMO has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Scotiabank restated an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, June 16th. TD Securities reaffirmed a “buy” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Weiss Ratings lowered shares of Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, June 12th. Finally, Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bank Of Montreal currently has an average 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.