Crescent Grove Advisors LLC raised its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 49.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,512 shares of the bank’s stock after buying an additional 2,471 shares during the quarter. Crescent Grove Advisors LLC’s holdings in Bank of Montreal were worth $491,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Intact Investment Management Inc. increased its holdings in shares of Bank of Montreal by 12.7% in the third quarter. Intact Investment Management Inc. now owns 283,223 shares of the bank’s stock worth $30,175,000 after acquiring an additional 32,000 shares in the last quarter. SVA Plumb Wealth Management LLC grew its stake in Bank of Montreal by 22.3% in the third quarter. SVA Plumb Wealth Management LLC now owns 6,964 shares of the bank’s stock valued at $575,000 after purchasing an additional 1,268 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in Bank of Montreal by 48.0% in the third quarter. Hillsdale Investment Management Inc. now owns 328,790 shares of the bank’s stock valued at $27,125,000 after purchasing an additional 106,670 shares in the last quarter. Vanguard Group Inc grew its stake in Bank of Montreal by 2.7% in the third quarter. Vanguard Group Inc now owns 16,878,668 shares of the bank’s stock valued at $1,392,996,000 after purchasing an additional 444,234 shares in the last quarter. Finally, Strs Ohio grew its stake in Bank of Montreal by 254.9% in the third quarter. Strs Ohio now owns 624,600 shares of the bank’s stock valued at $51,481,000 after purchasing an additional 448,600 shares in the last quarter. 44.06% of the stock is currently owned by hedge funds and other institutional investors.
BMO has been the subject of a number of analyst reports. ValuEngine downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Cormark cut Bank of Montreal from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $115.00 to $109.00 in a report on Wednesday, December 5th. Zacks Investment Research cut Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Barclays reissued a “hold” rating on shares of Bank of Montreal in a report on Tuesday, December 4th. Finally, TD Securities restated a “hold” rating on shares of Bank of Montreal in a research note on Monday, December 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $103.33.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, December 4th. The bank reported $2.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.75 by $0.57. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.61 billion. Bank of Montreal had a return on equity of 14.97% and a net margin of 16.91%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.94 EPS. Equities research analysts expect that Bank of Montreal will post 7.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 26th. Shareholders of record on Friday, February 1st will be issued a dividend of $0.753 per share. The ex-dividend date of this dividend is Thursday, January 31st. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.74. This represents a $3.01 annualized dividend and a yield of 4.08%. Bank of Montreal’s payout ratio is presently 43.63%.
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About Bank of Montreal
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.
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