Addenda Capital Inc. Lowers Position in Bank of Montreal (NYSE:BMO)

Addenda Capital Inc. lessened its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 4.0% in the second quarter, HoldingsChannel reports. The firm owned 861,287 shares of the bank’s stock after selling 35,953 shares during the period. Bank of Montreal makes up approximately 3.5% of Addenda Capital Inc.’s holdings, making the stock its 5th largest holding. Addenda Capital Inc.’s holdings in Bank of Montreal were worth $72,219,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC lifted its stake in shares of Bank of Montreal by 4.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after purchasing an additional 151 shares during the period. Ignite Planners LLC raised its position in Bank of Montreal by 14.0% in the second quarter. Ignite Planners LLC now owns 9,216 shares of the bank’s stock worth $772,000 after acquiring an additional 1,132 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of Bank of Montreal by 6.9% during the 2nd quarter. Gulf International Bank UK Ltd now owns 4,847 shares of the bank’s stock worth $406,000 after acquiring an additional 312 shares during the last quarter. Olistico Wealth LLC bought a new stake in shares of Bank of Montreal during the 2nd quarter valued at $59,000. Finally, Cardinal Capital Management Inc. increased its stake in shares of Bank of Montreal by 0.4% in the 2nd quarter. Cardinal Capital Management Inc. now owns 1,238,472 shares of the bank’s stock worth $103,887,000 after purchasing an additional 5,397 shares in the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Montreal Price Performance

Shares of NYSE:BMO traded up $0.46 during trading on Wednesday, hitting $83.34. 479,303 shares of the company’s stock were exchanged, compared to its average volume of 845,674. The business’s 50-day simple moving average is $84.48 and its 200 day simple moving average is $90.33. The company has a market cap of $60.78 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 2.04 and a beta of 1.12. Bank of Montreal has a 52-week low of $73.98 and a 52-week high of $100.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.99 and a quick ratio of 0.99.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 29th. The bank reported $1.91 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.10). The business had revenue of $5.88 billion during the quarter, compared to the consensus estimate of $5.96 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. As a group, equities analysts predict that Bank of Montreal will post 7.91 EPS for the current year.

Bank of Montreal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, July 30th will be paid a dividend of $1.125 per share. This represents a $4.50 annualized dividend and a yield of 5.40%. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Tuesday, July 30th. Bank of Montreal’s dividend payout ratio (DPR) is presently 75.25%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Royal Bank of Canada downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods cut Bank of Montreal from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $137.00 to $124.00 in a research report on Monday, June 3rd. UBS Group started coverage on shares of Bank of Montreal in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. Finally, Desjardins downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Bank of Montreal currently has an average rating of “Hold” and an average target price of $127.50.

Bank of Montreal Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.