JARISLOWSKY FRASER Ltd Raises Stock Holdings in Bank of Montreal (NYSE:BMO)

JARISLOWSKY FRASER Ltd raised its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 36.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,239,662 shares of the bank’s stock after acquiring an additional 1,412,532 shares during the period. Bank of Montreal makes up approximately 2.7% of JARISLOWSKY FRASER Ltd’s holdings, making the stock its 12th biggest holding. JARISLOWSKY FRASER Ltd owned approximately 0.72% of Bank of Montreal worth $439,705,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BMO. Principal Securities Inc. purchased a new stake in Bank of Montreal during the 4th quarter valued at $33,000. Rothschild Investment LLC purchased a new stake in Bank of Montreal during the 2nd quarter valued at $40,000. EverSource Wealth Advisors LLC raised its holdings in Bank of Montreal by 39.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock valued at $46,000 after buying an additional 130 shares during the period. Olistico Wealth LLC purchased a new stake in Bank of Montreal during the 2nd quarter valued at $59,000. Finally, IAG Wealth Partners LLC raised its holdings in Bank of Montreal by 28.0% during the 1st quarter. IAG Wealth Partners LLC now owns 635 shares of the bank’s stock valued at $62,000 after buying an additional 139 shares during the period. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank of Montreal Stock Performance

Shares of Bank of Montreal stock opened at $86.87 on Thursday. The firm has a market cap of $63.35 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.32 and a beta of 1.11. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. Bank of Montreal has a 12 month low of $73.98 and a 12 month high of $100.12. The stock’s fifty day moving average price is $84.67 and its 200-day moving average price is $88.84.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.12). The firm had revenue of $8.21 billion for the quarter, compared to analysts’ expectations of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.08 EPS. On average, equities research analysts expect that Bank of Montreal will post 8.06 earnings per share for the current fiscal year.

Bank of Montreal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be paid a dividend of $1.123 per share. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a dividend yield of 5.17%. Bank of Montreal’s dividend payout ratio is currently 76.25%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BMO shares. Barclays decreased their price target on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. Desjardins lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Finally, Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $134.00 to $117.00 in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of Montreal has an average rating of “Hold” and a consensus target price of $119.75.

About Bank of Montreal

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.