Bank of Montreal (NYSE:BMO) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. cut its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 10.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,662 shares of the bank’s stock after selling 573 shares during the period. Oppenheimer & Co. Inc.’s holdings in Bank of Montreal were worth $421,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BMO. Pathway Financial Advisers LLC raised its stake in Bank of Montreal by 2,701.7% during the 3rd quarter. Pathway Financial Advisers LLC now owns 30,454 shares of the bank’s stock valued at $2,747,000 after acquiring an additional 29,367 shares in the last quarter. Newport Trust Company LLC raised its stake in shares of Bank of Montreal by 1.1% during the second quarter. Newport Trust Company LLC now owns 1,411,695 shares of the bank’s stock valued at $118,371,000 after purchasing an additional 14,809 shares in the last quarter. Intact Investment Management Inc. lifted its holdings in Bank of Montreal by 72.9% in the third quarter. Intact Investment Management Inc. now owns 588,209 shares of the bank’s stock worth $53,082,000 after purchasing an additional 248,098 shares during the period. Fiera Capital Corp grew its position in Bank of Montreal by 2.1% in the 2nd quarter. Fiera Capital Corp now owns 3,403,431 shares of the bank’s stock valued at $285,789,000 after buying an additional 69,111 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after buying an additional 160 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Bank of Montreal Trading Up 0.6 %

NYSE:BMO opened at $94.63 on Friday. The stock has a fifty day simple moving average of $91.69 and a 200 day simple moving average of $88.27. The firm has a market capitalization of $69.04 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 2.41 and a beta of 1.10. Bank of Montreal has a 1-year low of $76.98 and a 1-year high of $100.12. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released 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). Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The firm had revenue of $8.21 billion during the quarter, compared to analysts’ expectations of $8.25 billion. During the same period last year, the business earned $2.08 earnings per share. The business’s revenue was up .2% on a year-over-year basis. Sell-side analysts forecast that Bank of Montreal will post 8.01 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be issued a $1.123 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a dividend yield of 4.75%. Bank of Montreal’s payout ratio is currently 72.13%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Royal Bank of Canada lowered Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $123.00 to $112.00 in a research note on Wednesday, August 28th. Finally, Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.