1832 Asset Management L.P. Acquires 463,924 Shares of Bank of Montreal (NYSE:BMO)

1832 Asset Management L.P. grew its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,312,320 shares of the bank’s stock after acquiring an additional 463,924 shares during the quarter. Bank of Montreal comprises 0.5% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 19th largest position. 1832 Asset Management L.P. owned about 1.00% of Bank of Montreal worth $613,138,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. bought a new stake in Bank of Montreal in the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC grew its stake in Bank of Montreal by 39.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock worth $46,000 after purchasing an additional 130 shares during the period. Rothschild Investment LLC purchased a new stake in Bank of Montreal in the second quarter worth $40,000. Olistico Wealth LLC purchased a new stake in shares of Bank of Montreal in the second quarter worth $59,000. Finally, Crewe Advisors LLC purchased a new stake in shares of Bank of Montreal in the first quarter worth $70,000. Institutional investors own 45.82% of the company’s stock.

Bank of Montreal Trading Up 1.3 %

Shares of NYSE:BMO opened at $89.91 on Friday. Bank of Montreal has a 1 year low of $73.98 and a 1 year high of $100.12. The stock’s fifty day moving average price is $84.80 and its 200-day moving average price is $88.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $65.57 billion, a P/E ratio of 14.94, a PEG ratio of 2.32 and a beta of 1.11.

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

Bank of Montreal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be issued a $1.123 dividend. This represents a $4.49 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is 76.25%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BMO. Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and cut their target price for the stock from $134.00 to $117.00 in a research note on Wednesday, August 28th. Desjardins cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. TD Securities cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $123.00 to $112.00 in a research note on Wednesday, August 28th. Finally, Royal Bank of Canada downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $119.75.

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.