Pinebridge Investments L.P. Purchases 19,436 Shares of Bank of Montreal (NYSE:BMO)

Pinebridge Investments L.P. raised its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 15.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,413 shares of the bank’s stock after purchasing an additional 19,436 shares during the period. Pinebridge Investments L.P.’s holdings in Bank of Montreal were worth $14,186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Farmers National Bank bought a new position in shares of Bank of Montreal in the 1st quarter worth $34,000. Lipe & Dalton bought a new position in shares of Bank of Montreal in the 2nd quarter worth $38,000. NEXT Financial Group Inc raised its position in shares of Bank of Montreal by 38.5% in the 2nd quarter. NEXT Financial Group Inc now owns 518 shares of the bank’s stock worth $39,000 after acquiring an additional 144 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in shares of Bank of Montreal in the 2nd quarter worth $74,000. Finally, Icon Wealth Partners LLC bought a new position in shares of Bank of Montreal in the 1st quarter worth $98,000. 41.12% of the stock is owned by institutional investors and hedge funds.

NYSE:BMO traded up $0.33 during mid-day trading on Friday, hitting $72.93. 36,523 shares of the company’s stock traded hands, compared to its average volume of 555,950. The company has a fifty day moving average of $71.19 and a 200 day moving average of $75.15. Bank of Montreal has a twelve month low of $62.79 and a twelve month high of $84.36. The company has a market capitalization of $46.11 billion, a P/E ratio of 10.43, a P/E/G ratio of 2.86 and a beta of 1.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $1.79 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the prior year, the company earned $2.31 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. On average, research analysts expect that Bank of Montreal will post 7.07 earnings per share for the current fiscal year.

The firm also recently announced 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 is a positive change from Bank of Montreal’s previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Thursday, October 31st. Bank of Montreal’s dividend payout ratio is currently 44.64%.

Several research firms have recently commented on BMO. ValuEngine lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Howard Weil lowered Bank of Montreal from a “sector outperform” rating to a “sector perform” rating in a research report on Thursday, May 30th. Zacks Investment Research lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 20th. Barclays reaffirmed a “hold” rating on shares of Bank of Montreal in a research report on Tuesday, June 11th. Finally, Credit Suisse Group raised Bank of Montreal from an “underperform” rating to a “neutral” rating and set a $93.00 target price on the stock in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $95.67.

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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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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