CLARET ASSET MANAGEMENT Corp decreased its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 78,771 shares of the bank’s stock after selling 3,204 shares during the quarter. Bank of Montreal makes up 1.2% of CLARET ASSET MANAGEMENT Corp’s portfolio, making the stock its 22nd biggest holding. CLARET ASSET MANAGEMENT Corp’s holdings in Bank of Montreal were worth $5,804,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of BMO. Cerebellum GP LLC bought a new position in shares of Bank of Montreal in the third quarter worth about $31,000. Lipe & Dalton bought a new position in shares of Bank of Montreal in the second quarter worth about $38,000. NEXT Financial Group Inc raised its stake in shares of Bank of Montreal by 38.5% in the second quarter. NEXT Financial Group Inc now owns 518 shares of the bank’s stock worth $39,000 after buying an additional 144 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in shares of Bank of Montreal in the second quarter worth about $74,000. Finally, Stonebridge Capital Advisors LLC bought a new position in shares of Bank of Montreal in the second quarter worth about $94,000. 41.07% of the stock is currently owned by institutional investors.
BMO has been the topic of several recent research reports. Scotiabank reaffirmed a “hold” rating on shares of Bank of Montreal in a research note on Tuesday, August 20th. ValuEngine upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Credit Suisse Group upgraded Bank of Montreal from an “underperform” rating to a “neutral” rating and set a $93.00 target price for the company in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $95.67.
Shares of NYSE:BMO traded up $1.53 during trading on Friday, hitting $73.89. 19,999 shares of the company’s stock were exchanged, compared to its average volume of 460,380. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. Bank of Montreal has a 52-week low of $62.79 and a 52-week high of $80.27. The business’s 50-day simple moving average is $71.27 and its 200 day simple moving average is $74.57. The company has a market cap of $47.10 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 1.91 and a beta of 1.18.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Tuesday, August 27th. The bank reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.07). The business had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.82 billion. Bank of Montreal had a return on equity of 14.14% and a net margin of 16.48%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.31 EPS. On average, sell-side analysts anticipate that Bank of Montreal will post 7.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.781 per share. This represents a $3.12 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Bank of Montreal’s previous quarterly dividend of $0.77. Bank of Montreal’s dividend payout ratio (DPR) is currently 44.64%.
Bank of Montreal Profile
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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