Comerica Bank grew its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 4.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,747 shares of the bank’s stock after acquiring an additional 1,800 shares during the quarter. Comerica Bank’s holdings in Bank of Montreal were worth $3,036,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Legacy Capital Partners Inc. boosted its holdings in Bank of Montreal by 1.0% in the second quarter. Legacy Capital Partners Inc. now owns 67,287 shares of the bank’s stock worth $5,199,000 after acquiring an additional 650 shares in the last quarter. JCIC Asset Management Inc. boosted its holdings in Bank of Montreal by 7.9% in the third quarter. JCIC Asset Management Inc. now owns 9,956 shares of the bank’s stock worth $822,000 after acquiring an additional 728 shares in the last quarter. Hugh Johnson Advisors LLC boosted its holdings in Bank of Montreal by 11.9% in the second quarter. Hugh Johnson Advisors LLC now owns 7,330 shares of the bank’s stock worth $566,000 after acquiring an additional 782 shares in the last quarter. Signaturefd LLC boosted its holdings in Bank of Montreal by 29.0% in the second quarter. Signaturefd LLC now owns 3,594 shares of the bank’s stock worth $278,000 after acquiring an additional 809 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in Bank of Montreal by 148.1% in the second quarter. AdvisorNet Financial Inc now owns 1,526 shares of the bank’s stock worth $118,000 after acquiring an additional 911 shares in the last quarter. 43.67% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on the company. Canaccord Genuity raised Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. Zacks Investment Research downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Barclays reissued a “hold” rating on shares of Bank of Montreal in a report on Friday, November 16th. Finally, ValuEngine downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $104.67.
Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 28th. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.07. The firm had revenue of $4.51 billion for the quarter, compared to the consensus estimate of $4.45 billion. Bank of Montreal had a return on equity of 14.75% and a net margin of 16.17%. On average, research analysts predict that Bank of Montreal will post 6.91 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be issued a dividend of $0.7386 per share. This represents a $2.95 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, October 31st. Bank of Montreal’s payout ratio is currently 46.79%.
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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, creditor insurance products, 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.
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