Intech Investment Management LLC Acquires 62,379 Shares of Bank of Montreal (NYSE:BMO)

Intech Investment Management LLC lifted its holdings in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 152.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,281 shares of the bank’s stock after purchasing an additional 62,379 shares during the quarter. Intech Investment Management LLC’s holdings in Bank of Montreal were worth $8,667,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BMO. Principal Securities Inc. bought a new stake in shares of Bank of Montreal in the fourth quarter worth $33,000. Principal Financial Group Inc. increased its holdings in Bank of Montreal by 51.2% during the fourth quarter. Principal Financial Group Inc. now owns 25,200 shares of the bank’s stock worth $2,506,000 after buying an additional 8,528 shares during the last quarter. Avantax Advisory Services Inc. acquired a new position in Bank of Montreal during the fourth quarter worth $239,000. UBS Group AG increased its holdings in Bank of Montreal by 28.9% during the fourth quarter. UBS Group AG now owns 273,483 shares of the bank’s stock worth $27,058,000 after buying an additional 61,280 shares during the last quarter. Finally, Corient Private Wealth LLC increased its holdings in Bank of Montreal by 72.6% during the fourth quarter. Corient Private Wealth LLC now owns 32,603 shares of the bank’s stock worth $3,226,000 after buying an additional 13,718 shares during the last quarter. Institutional investors own 45.82% of the company’s stock.

Analyst Ratings Changes

BMO has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods downgraded shares of Bank of Montreal from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $137.00 to $124.00 in a report on Monday, June 3rd. TD Securities downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. StockNews.com downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada downgraded shares of 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $119.75.

Bank of Montreal Price Performance

NYSE:BMO opened at $89.91 on Friday. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12. The company has a market cap of $65.57 billion, a P/E ratio of 14.94, a P/E/G ratio of 2.32 and a beta of 1.11. The firm’s fifty day moving average price is $84.80 and its two-hundred day moving average price is $88.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). The business had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The company’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 EPS. Equities analysts expect that Bank of Montreal will post 8.06 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 given a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a dividend yield of 5.00%. Bank of Montreal’s payout ratio is presently 76.25%.

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.