Scotia Capital Inc. Acquires 35,289 Shares of Bank of Montreal (NYSE:BMO)

Scotia Capital Inc. grew its holdings in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,162,495 shares of the bank’s stock after buying an additional 35,289 shares during the quarter. Bank of Montreal makes up about 2.0% of Scotia Capital Inc.’s investment portfolio, making the stock its 11th largest holding. Scotia Capital Inc. owned approximately 0.34% of Bank of Montreal worth $162,968,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BMO. Farmers National Bank purchased a new stake in Bank of Montreal in the first quarter worth $34,000. Lipe & Dalton bought a new stake in shares of Bank of Montreal during the 2nd quarter valued at about $38,000. NEXT Financial Group Inc increased its position in shares of Bank of Montreal by 38.5% during the second quarter. NEXT Financial Group Inc now owns 518 shares of the bank’s stock valued at $39,000 after buying an additional 144 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of Bank of Montreal during the second quarter valued at about $74,000. Finally, Icon Wealth Partners LLC purchased a new position in shares of Bank of Montreal during the first quarter valued at about $98,000. Hedge funds and other institutional investors own 41.12% of the company’s stock.

Several analysts have commented on the stock. Zacks Investment Research lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th. Barclays reissued a “hold” rating on shares of Bank of Montreal in a research report on Tuesday, June 11th. Scotiabank restated a “hold” rating on shares of Bank of Montreal in a research note on Tuesday, August 20th. ValuEngine lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Credit Suisse Group raised Bank of Montreal from an “underperform” rating to a “neutral” rating and set a $93.00 price target on the stock in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $95.67.

BMO traded up $0.27 during midday trading on Wednesday, reaching $72.43. The company’s stock had a trading volume of 392,170 shares, compared to its average volume of 545,297. The firm has a market capitalization of $46.18 billion, a price-to-earnings ratio of 10.36, a PEG ratio of 2.81 and a beta of 1.18. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. Bank of Montreal has a 1 year low of $62.79 and a 1 year high of $84.36. The stock’s 50-day moving average is $71.25 and its 200-day moving average is $75.16.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $1.79 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($0.07). Bank of Montreal had a net margin of 16.48% and a return on equity of 14.14%. The company had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period last year, the business earned $2.31 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, equities research analysts forecast that Bank of Montreal will post 7.07 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Friday, November 1st will be given a dividend of $0.781 per share. This represents a $3.12 annualized dividend and a yield of 4.31%. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.77. The ex-dividend date is Thursday, October 31st. Bank of Montreal’s dividend payout ratio is 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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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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