Korea Investment CORP Makes New $72.27 Million Investment in Bank Of Montreal $BMO

Korea Investment CORP purchased a new stake in Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 409,037 shares of the bank’s stock, valued at approximately $72,270,000.

Other hedge funds also recently made changes to their positions in the company. EP Wealth Advisors LLC bought a new position in shares of Bank Of Montreal during the 2nd quarter worth about $349,000. Ieq Capital LLC bought a new stake in Bank Of Montreal in the second quarter valued at about $1,524,000. Callan Family Office LLC acquired a new position in Bank Of Montreal in the second quarter worth about $1,380,000. Fund Advisors of America Inc FL acquired a new position in Bank Of Montreal in the second quarter worth about $386,000. Finally, OneAscent Family Office LLC bought a new position in Bank Of Montreal during the second quarter worth about $359,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank Of Montreal Stock Performance

NYSE:BMO opened at $174.34 on Friday. Bank Of Montreal has a 1 year low of $112.58 and a 1 year high of $187.22. The firm has a 50 day moving average of $177.66 and a 200-day moving average of $158.29. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $121.54 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 1.08 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, topping 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 business had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.98 billion. During the same period in the prior year, the company earned $2.62 EPS. Bank Of Montreal’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank Of Montreal will post 10.54 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, July 23rd. Zacks Research cut Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Scotiabank reiterated an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, June 16th. TD Securities reissued a “buy” rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Finally, Desjardins restated a “hold” rating on shares of Bank Of Montreal in a research note on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bank Of Montreal has an average rating of “Hold” and a consensus target price of $163.00.

About Bank Of Montreal

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.