Resources Management Corp CT ADV Lowers Holdings in Bank of Montreal (NYSE:BMO)

Resources Management Corp CT ADV decreased its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 8.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,459 shares of the bank’s stock after selling 1,980 shares during the quarter. Resources Management Corp CT ADV’s holdings in Bank of Montreal were worth $1,715,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Bank of Montreal by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 28,073,185 shares of the bank’s stock valued at $2,777,561,000 after buying an additional 881,992 shares during the last quarter. Newport Trust Company LLC raised its stake in 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 buying an additional 14,809 shares during the last quarter. Corient Private Wealth LLC raised its stake 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 valued at $3,226,000 after buying an additional 13,718 shares during the last quarter. Bank of Nova Scotia Trust Co. raised its stake in Bank of Montreal by 3.3% during the fourth quarter. Bank of Nova Scotia Trust Co. now owns 463,792 shares of the bank’s stock valued at $45,888,000 after buying an additional 14,735 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Bank of Montreal during the first quarter valued at $3,997,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on BMO shares. Jefferies Financial Group cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Desjardins cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $123.00 to $112.00 in a research report on Wednesday, August 28th. TD Securities cut Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating and cut their price target for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. One 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $119.75.

Bank of Montreal Stock Performance

NYSE BMO opened at $89.99 on Tuesday. The firm has a market cap of $65.63 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 2.32 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $84.87 and a 200-day moving average price of $88.76. Bank of Montreal has a twelve month low of $73.98 and a twelve month high of $100.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last released its quarterly earnings data 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). 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 return on equity of 11.23% and a net margin of 8.50%. The business’s revenue was up .2% on a year-over-year basis. During the same period last year, the company earned $2.08 EPS. As a group, equities research analysts predict that Bank of Montreal will post 8.06 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Wednesday, October 30th will be issued a dividend of $1.123 per share. This represents a $4.49 annualized dividend and a yield of 4.99%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend 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.