Foster Group Inc. acquired a new position in Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,701 shares of the bank’s stock, valued at approximately $201,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Toronto Dominion Bank grew its holdings in shares of Bank of Montreal by 1.8% during the fourth quarter. Toronto Dominion Bank now owns 7,592,699 shares of the bank’s stock valued at $817,941,000 after buying an additional 136,276 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Bank of Montreal by 8.1% during the fourth quarter. CIBC Asset Management Inc now owns 6,880,828 shares of the bank’s stock valued at $740,318,000 after buying an additional 514,992 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of Montreal during the fourth quarter valued at approximately $666,860,000. 1832 Asset Management L.P. grew its holdings in shares of Bank of Montreal by 4.7% during the fourth quarter. 1832 Asset Management L.P. now owns 5,445,343 shares of the bank’s stock valued at $588,307,000 after buying an additional 244,424 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Bank of Montreal by 1.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,857,975 shares of the bank’s stock valued at $523,431,000 after buying an additional 66,165 shares during the last quarter. Institutional investors and hedge funds own 39.47% of the company’s stock.
BMO has been the topic of several research reports. BMO Capital Markets raised their target price on shares of Bank of Montreal from C$155.00 to C$157.00 in a report on Thursday, May 26th. TD Securities dropped their target price on shares of Bank of Montreal from C$160.00 to C$155.00 and set a “buy” rating on the stock in a report on Thursday, May 26th. Stifel Nicolaus dropped their target price on shares of Bank of Montreal from C$172.00 to C$171.00 and set a “buy” rating on the stock in a report on Friday, April 8th. National Bank Financial cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Monday, March 7th. Finally, Credit Suisse Group started coverage on shares of Bank of Montreal in a research report on Friday, May 20th. They issued an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.77.
Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last announced its quarterly earnings data on Wednesday, May 25th. The bank reported $3.23 EPS for the quarter, beating the consensus estimate of $2.60 by $0.63. The firm had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $6.69 billion. Bank of Montreal had a net margin of 33.03% and a return on equity of 17.05%. The company’s revenue was up 53.3% on a year-over-year basis. During the same period last year, the firm earned $2.49 EPS. Equities research analysts expect that Bank of Montreal will post 10.43 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Tuesday, August 2nd will be given a dividend of $1.081 per share. This represents a $4.32 annualized dividend and a dividend yield of 4.46%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.05. The ex-dividend date is Monday, August 1st. Bank of Montreal’s dividend payout ratio (DPR) is presently 29.37%.
Bank of Montreal Profile (Get Rating)
Bank of Montreal provides diversified financial services primarily in North America. 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, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
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