Capital Group Private Client Services Inc. Has $2.87 Million Position in Bank of Montreal (NYSE:BMO)

Capital Group Private Client Services Inc. grew its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 39.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,417 shares of the bank’s stock after acquiring an additional 8,340 shares during the period. Capital Group Private Client Services Inc.’s holdings in Bank of Montreal were worth $2,872,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BMO. Principal Securities Inc. bought a new position in Bank of Montreal in the 4th quarter valued at about $33,000. Cullen Frost Bankers Inc. increased its position in shares of Bank of Montreal by 3,375.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 417 shares of the bank’s stock worth $41,000 after purchasing an additional 405 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Bank of Montreal in the fourth quarter worth approximately $44,000. EverSource Wealth Advisors LLC boosted its stake in Bank of Montreal by 39.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 463 shares of the bank’s stock worth $46,000 after buying an additional 130 shares in the last quarter. Finally, IAG Wealth Partners LLC boosted its stake in shares of Bank of Montreal by 117.5% during the fourth quarter. IAG Wealth Partners LLC now owns 496 shares of the bank’s stock valued at $49,000 after purchasing an additional 268 shares during the period. Institutional investors own 45.82% of the company’s stock.

Bank of Montreal Price Performance

Shares of BMO stock traded up $0.35 during midday trading on Friday, reaching $87.33. 3,920,166 shares of the company traded hands, compared to its average volume of 818,631. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.99 and a quick ratio of 0.99. Bank of Montreal has a 1-year low of $73.98 and a 1-year high of $100.12. The firm has a market cap of $63.70 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 2.13 and a beta of 1.12. The firm’s 50 day simple moving average is $86.89 and its two-hundred day simple moving average is $91.50.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Wednesday, May 29th. The bank reported $1.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.10). The company had revenue of $5.88 billion for the quarter, compared to analyst estimates of $5.96 billion. Bank of Montreal had a return on equity of 11.60% and a net margin of 8.25%. On average, equities research analysts expect that Bank of Montreal will post 7.91 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, July 30th will be paid a dividend of $1.125 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.50 annualized dividend and a dividend yield of 5.15%. Bank of Montreal’s payout ratio is currently 74.25%.

Wall Street Analyst Weigh In

BMO has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut Bank of Montreal from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $137.00 to $124.00 in a research report on Monday, June 3rd. Desjardins lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, UBS Group initiated coverage on Bank of Montreal in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $127.50.

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.