Bank of New York Mellon Corp Raises Stake in Bank Of Montreal $BMO

Bank of New York Mellon Corp boosted its stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 765,073 shares of the bank’s stock after purchasing an additional 18,460 shares during the period. Bank of New York Mellon Corp’s holdings in Bank Of Montreal were worth $84,640,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming increased its position in Bank Of Montreal by 237.4% in the 1st quarter. State of Wyoming now owns 14,254 shares of the bank’s stock worth $1,361,000 after buying an additional 10,029 shares during the period. Canada Pension Plan Investment Board increased its holdings in Bank Of Montreal by 66.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank’s stock valued at $351,154,000 after buying an additional 1,469,084 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Bank Of Montreal in the first quarter valued at about $1,886,000. Envestnet Asset Management Inc. lifted its position in shares of Bank Of Montreal by 0.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 464,123 shares of the bank’s stock worth $44,328,000 after buying an additional 3,403 shares during the period. Finally, Atlas Capital Advisors Inc. raised its stake in Bank Of Montreal by 1,997.9% during the first quarter. Atlas Capital Advisors Inc. now owns 3,986 shares of the bank’s stock worth $381,000 after acquiring an additional 3,796 shares in the last quarter. 45.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Cowen reaffirmed a “hold” rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. Wall Street Zen upgraded Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday. Royal Bank Of Canada cut shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $168.00 to $163.00 in a research report on Friday, October 3rd. CIBC raised Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a report on Friday, September 5th. Finally, UBS Group reissued a “neutral” rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank Of Montreal presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Bank Of Montreal Stock Up 0.5%

BMO stock opened at $123.57 on Friday. The company has a market cap of $88.03 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 1.28 and a beta of 1.04. Bank Of Montreal has a twelve month low of $85.40 and a twelve month high of $131.36. The business has a 50 day moving average price of $126.80 and a two-hundred day moving average price of $114.81. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings data on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.21. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The company had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $8.84 billion. During the same quarter last year, the firm posted $2.64 EPS. The company’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts anticipate that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be paid a $1.63 dividend. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. This represents a $6.52 annualized dividend and a yield of 5.3%. Bank Of Montreal’s dividend payout ratio is presently 57.28%.

Bank Of Montreal Company 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.