Steward Partners Investment Advisory LLC lowered its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 6.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,901 shares of the bank’s stock after selling 324 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Bank of Montreal were worth $379,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BMO. Usca Ria LLC purchased a new position in shares of Bank of Montreal during the 3rd quarter valued at about $30,000. Cerebellum GP LLC purchased a new position in shares of Bank of Montreal in the 3rd quarter valued at about $31,000. Horan Capital Advisors LLC. purchased a new position in shares of Bank of Montreal in the 3rd quarter valued at about $33,000. Bartlett & Co. LLC purchased a new position in shares of Bank of Montreal in the 3rd quarter valued at about $98,000. Finally, Allworth Financial LP purchased a new position in shares of Bank of Montreal in the 4th quarter valued at about $101,000. Institutional investors and hedge funds own 41.84% of the company’s stock.
Several equities analysts recently weighed in on the company. Credit Suisse Group lifted their price target on Bank of Montreal from $93.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. CIBC upgraded Bank of Montreal from a “neutral” rating to a “sector outperform” rating and set a $109.00 price target for the company in a research note on Tuesday, December 3rd. Zacks Investment Research lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Monday. Citigroup lowered Bank of Montreal from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research note on Tuesday, December 17th. Finally, ValuEngine upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday, January 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $99.25.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, December 3rd. The bank reported $2.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.61. Bank of Montreal had a return on equity of 14.03% and a net margin of 14.86%. The company had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period in the previous year, the business earned $2.32 EPS. Bank of Montreal’s quarterly revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts expect that Bank of Montreal will post 7.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.7965 per share. This is a positive change from Bank of Montreal’s previous quarterly dividend of $0.78. This represents a $3.19 annualized dividend and a yield of 4.01%. The ex-dividend date is Friday, January 31st. Bank of Montreal’s payout ratio is 44.08%.
Bank of Montreal Company Profile
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.
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