Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Bank Of Montreal $BMO

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,839,476 shares of the bank’s stock, valued at approximately $677,074,000. Bank Of Montreal comprises approximately 1.3% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 13th largest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.55% of Bank Of Montreal at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Bank Of Montreal during the 4th quarter worth about $1,059,320,000. Bank of Nova Scotia bought a new stake in Bank Of Montreal in the second quarter worth about $920,002,000. Morgan Stanley boosted its position in shares of Bank Of Montreal by 74.4% during the fourth quarter. Morgan Stanley now owns 3,817,406 shares of the bank’s stock valued at $495,461,000 after buying an additional 1,628,318 shares during the period. Deutsche Bank AG bought a new position in shares of Bank Of Montreal during the second quarter valued at approximately $235,791,000. Finally, UBS Group AG grew its stake in shares of Bank Of Montreal by 155.3% during the third quarter. UBS Group AG now owns 2,127,377 shares of the bank’s stock valued at $277,091,000 after buying an additional 1,294,169 shares during the last quarter. Institutional investors own 45.82% of the company’s stock.

Analysts Set New Price Targets

BMO has been the subject of a number of research analyst reports. Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a research note on Friday. Zacks Research downgraded Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods began coverage on Bank Of Montreal in a research report on Friday. They set an “outperform” rating for the company. Finally, TD Securities reissued a “buy” rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Bank Of Montreal presently has an average rating of “Hold” and an average price target of $163.00.

Bank Of Montreal Stock Performance

Bank Of Montreal stock opened at $174.34 on Monday. The company has a 50 day moving average price of $177.66 and a 200-day moving average price of $158.42. 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 has a fifty-two week low of $112.58 and a fifty-two week high of $187.22. The company has a market capitalization of $121.54 billion, a PE ratio of 18.51, a P/E/G ratio of 1.07 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.14. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.The firm had revenue of $7.04 billion during the quarter, compared to analyst estimates of $6.98 billion. During the same quarter in the previous year, the business earned $2.62 earnings per share. Bank Of Montreal’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts forecast that Bank Of Montreal will post 10.49 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be issued a $1.71 dividend. The ex-dividend date is Thursday, July 30th. This represents a $6.84 annualized dividend and a dividend yield of 3.9%. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.67. Bank Of Montreal’s dividend payout ratio (DPR) is currently 51.06%.

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.