Bank of Montreal (NYSE:BMO) Stock Position Cut by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC trimmed its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 30.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,374 shares of the bank’s stock after selling 4,582 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Bank of Montreal were worth $936,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. US Bancorp DE boosted its stake in Bank of Montreal by 4.6% during the first quarter. US Bancorp DE now owns 22,797 shares of the bank’s stock valued at $2,227,000 after buying an additional 1,003 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Bank of Montreal by 65.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,009 shares of the bank’s stock valued at $392,000 after purchasing an additional 1,591 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Bank of Montreal in the 1st quarter worth approximately $3,997,000. Vanguard Group Inc. raised its holdings in shares of Bank of Montreal by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank’s stock worth $2,795,402,000 after purchasing an additional 544,767 shares in the last quarter. Finally, Bahl & Gaynor Inc. acquired a new stake in Bank of Montreal during the first quarter valued at approximately $261,000. 45.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BMO has been the subject of a number of analyst reports. Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $134.00 to $117.00 in a research note on Wednesday, August 28th. Royal Bank of Canada cut Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Tuesday, July 30th. Barclays reduced their price objective 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. StockNews.com lowered shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Finally, Scotiabank lowered shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $123.00 to $112.00 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 assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $119.75.

Bank of Montreal Trading Down 0.2 %

Shares of BMO opened at $93.18 on Friday. 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 1-year low of $76.98 and a 1-year high of $100.12. The firm’s 50-day moving average price is $90.88 and its 200-day moving average price is $88.16. The firm has a market capitalization of $67.98 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 2.40 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.12). The business 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%. Bank of Montreal’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.08 earnings per share. Sell-side analysts anticipate that Bank of Montreal will post 8 EPS for the current year.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be paid a dividend of $1.123 per share. This represents a $4.49 annualized dividend and a yield of 4.82%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is currently 72.13%.

Bank of Montreal Company 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.