Ignite Planners LLC Raises Position in Bank of Montreal (NYSE:BMO)

Ignite Planners LLC raised its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 13.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,463 shares of the bank’s stock after acquiring an additional 1,247 shares during the quarter. Ignite Planners LLC’s holdings in Bank of Montreal were worth $944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of Montreal during the 2nd quarter valued at $34,000. Rothschild Investment LLC purchased a new position in shares of Bank of Montreal in the 2nd quarter worth $40,000. EverSource Wealth Advisors LLC boosted its stake in shares of Bank of Montreal by 34.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after purchasing an additional 160 shares during the period. Olistico Wealth LLC purchased a new position in shares of Bank of Montreal during the 2nd quarter worth about $59,000. Finally, Ridgewood Investments LLC purchased a new position in shares of Bank of Montreal during the 2nd quarter worth about $65,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank of Montreal Price Performance

Bank of Montreal stock opened at $90.89 on Tuesday. Bank of Montreal has a 12-month low of $73.98 and a 12-month high of $100.12. The stock has a market cap of $66.28 billion, a P/E ratio of 15.10, a PEG ratio of 2.48 and a beta of 1.11. The company has a 50-day moving average price of $85.51 and a 200 day moving average price of $88.52. 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 (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.12). The company had revenue of $8.21 billion for the quarter, compared to analysts’ expectations of $8.25 billion. Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the business earned $2.08 EPS. Sell-side analysts anticipate that Bank of Montreal will post 8.06 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be paid a $1.123 dividend. This represents a $4.49 annualized dividend and a dividend yield of 4.94%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s payout ratio is 76.08%.

Analysts Set New Price Targets

Several research firms have issued reports on BMO. Jefferies Financial Group cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. UBS Group began coverage on shares of Bank of Montreal in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Royal Bank of Canada lowered shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. Barclays cut their price target on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. Finally, TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Bank of Montreal presently has a consensus rating of “Hold” and an average 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.