TD Asset Management Inc Cuts Holdings in Bank Of Montreal $BMO

TD Asset Management Inc lowered its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,289,838 shares of the bank’s stock after selling 11,924 shares during the quarter. Bank Of Montreal comprises approximately 1.6% of TD Asset Management Inc’s investment portfolio, making the stock its 9th largest holding. TD Asset Management Inc’s holdings in Bank Of Montreal were worth $1,912,209,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Bank Of Montreal by 228.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank’s stock valued at $26,000 after buying an additional 190 shares during the last quarter. Bayforest Capital Ltd acquired a new position in Bank Of Montreal during the 1st quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Bank Of Montreal during the 1st quarter valued at about $39,000. CX Institutional bought a new stake in Bank Of Montreal during the 1st quarter worth approximately $42,000. Finally, HM Payson & Co. purchased a new stake in shares of Bank Of Montreal in the first quarter worth approximately $42,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BMO shares. Cowen reiterated a “hold” rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Royal Bank Of Canada downgraded Bank Of Montreal from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $168.00 to $163.00 in a research report on Friday, October 3rd. Scotiabank reissued a “sector perform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Wall Street Zen lowered Bank Of Montreal from a “hold” rating to a “sell” rating in a research report on Saturday, August 30th. Finally, Cibc World Mkts raised shares of Bank Of Montreal from a “hold” rating to a “strong-buy” rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Bank Of Montreal Stock Performance

NYSE:BMO opened at $126.71 on Tuesday. The company has a market capitalization of $90.58 billion, a P/E ratio of 15.51, a P/E/G ratio of 1.28 and a beta of 1.03. The business has a fifty day simple moving average of $122.72 and a two-hundred day simple moving average of $110.43. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. Bank Of Montreal has a 1 year low of $85.40 and a 1 year high of $131.36.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 26th. The bank reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.21. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The firm had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $8.84 billion. During the same quarter in the prior year, the firm earned $2.64 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be paid a $1.63 dividend. The ex-dividend date is Thursday, October 30th. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.18. This represents a $6.52 annualized dividend and a dividend yield of 5.1%. Bank Of Montreal’s dividend payout ratio is 58.63%.

Bank Of Montreal Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company’s personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.