K.J. Harrison & Partners Inc Makes New $8.24 Million Investment in Bank Of Montreal $BMO

K.J. Harrison & Partners Inc acquired a new position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 46,708 shares of the bank’s stock, valued at approximately $8,239,000. Bank Of Montreal accounts for 1.2% of K.J. Harrison & Partners Inc’s portfolio, making the stock its 22nd biggest position.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Bank Of Montreal in the 4th quarter valued at about $1,059,320,000. Morgan Stanley raised its holdings in Bank Of Montreal by 74.4% during the fourth quarter. Morgan Stanley now owns 3,817,406 shares of the bank’s stock worth $495,461,000 after purchasing an additional 1,628,318 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Bank Of Montreal in the second quarter valued at $235,791,000. UBS Group AG lifted its holdings in Bank Of Montreal by 155.3% in the 3rd quarter. UBS Group AG now owns 2,127,377 shares of the bank’s stock valued at $277,091,000 after acquiring an additional 1,294,169 shares during the last quarter. Finally, FIL Ltd lifted its stake in Bank Of Montreal by 15.2% during the fourth quarter. FIL Ltd now owns 9,445,162 shares of the bank’s stock valued at $1,226,622,000 after purchasing an additional 1,245,500 shares during the last quarter. 45.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BMO shares. Weiss Ratings downgraded Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, July 23rd. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Zacks Research lowered Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Tuesday, May 12th. Finally, Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a research 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, the company presently has a consensus rating of “Hold” and an average target price of $163.00.

Bank Of Montreal Stock Down 0.2%

BMO stock opened at $185.44 on Tuesday. The company has a market cap of $129.28 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 1.04 and a beta of 0.94. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a twelve month low of $112.21 and a twelve month high of $187.22. The business’s 50-day simple moving average is $176.84 and its 200 day simple moving average is $157.37.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.14. The business had revenue of $7.04 billion during the quarter, compared to analyst estimates of $6.98 billion. Bank Of Montreal had a return on equity of 13.04% and a net margin of 12.60%.Bank Of Montreal’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.62 earnings per share. On average, research analysts anticipate that Bank Of Montreal will post 11.86 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be paid a $1.71 dividend. The ex-dividend date is Thursday, July 30th. This represents a $6.84 annualized dividend and a dividend yield of 3.7%. This is an increase from Bank Of Montreal’s previous quarterly dividend of $1.67. Bank Of Montreal’s dividend payout ratio is currently 51.06%.

Bank Of Montreal 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.