CIBC Asset Management Inc Sells 1,022,421 Shares of Bank Of Montreal $BMO

CIBC Asset Management Inc trimmed its stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 14.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,237,739 shares of the bank’s stock after selling 1,022,421 shares during the period. Bank Of Montreal comprises 2.0% of CIBC Asset Management Inc’s holdings, making the stock its 10th largest position. CIBC Asset Management Inc’s holdings in Bank Of Montreal were worth $814,500,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BMO. Canerector Inc. grew its holdings in 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 acquiring an additional 22,543,750 shares during the period. Norges Bank acquired a new stake in Bank Of Montreal during the fourth quarter valued at $1,059,320,000. TD Asset Management Inc grew its position in Bank Of Montreal by 10.3% during the third quarter. TD Asset Management Inc now owns 19,079,026 shares of the bank’s stock valued at $2,486,691,000 after buying an additional 1,789,188 shares during the period. UBS Group AG grew its position in 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 period. Finally, Vanguard Group Inc. grew its position in Bank Of Montreal by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank’s stock valued at $4,287,878,000 after buying an additional 673,248 shares during the period. 45.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on BMO. Scotiabank upgraded shares of Bank Of Montreal from a “sector perform” rating to a “sector outperform” rating in a research report on Monday. Wall Street Zen upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. TD Securities restated a “buy” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Finally, Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $163.00.

Bank Of Montreal Stock Performance

BMO opened at $165.42 on Wednesday. The firm has a market capitalization of $115.86 billion, a PE ratio of 17.56, a PEG ratio of 0.91 and a beta of 0.95. Bank Of Montreal has a twelve month low of $104.08 and a twelve month high of $165.92. The firm’s 50-day moving average price is $148.60 and its 200 day moving average price is $139.53. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.14. The firm had revenue of $7.04 billion for the quarter, compared to analyst estimates 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 period in the previous year, the business posted $2.62 earnings per share. As a group, sell-side analysts expect that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Thursday, July 30th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.1%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. Bank Of Montreal’s dividend payout ratio is presently 50.96%.

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.