CIBC Asset Management Inc Trims Stake in Bank of Montreal (NYSE:BMO)

CIBC Asset Management Inc lessened its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 18.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,628,334 shares of the bank’s stock after selling 1,531,710 shares during the quarter. Bank of Montreal makes up about 1.9% of CIBC Asset Management Inc’s portfolio, making the stock its 12th biggest holding. CIBC Asset Management Inc owned 0.91% of Bank of Montreal worth $600,827,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. US Bancorp DE lifted 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 worth $2,227,000 after purchasing an additional 1,003 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Bank of Montreal by 65.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,009 shares of the bank’s stock worth $392,000 after acquiring an additional 1,591 shares during the period. Dorsey & Whitney Trust CO LLC raised its stake in shares of Bank of Montreal by 7.5% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 6,167 shares of the bank’s stock worth $602,000 after buying an additional 428 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Bank of Montreal in the first quarter valued at $3,997,000. Finally, Vanguard Group Inc. boosted its holdings in Bank of Montreal by 1.9% during the first quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank’s stock worth $2,795,402,000 after buying an additional 544,767 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Scotiabank downgraded shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $123.00 to $112.00 in a report on Wednesday, August 28th. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. Royal Bank of Canada downgraded shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. One equities 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $119.75.

Bank of Montreal Trading Down 0.1 %

Shares of NYSE:BMO opened at $93.39 on Friday. Bank of Montreal has a 52-week low of $76.98 and a 52-week high of $100.12. The company has a market cap of $68.13 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.40 and a beta of 1.10. The stock’s 50-day moving average is $90.45 and its 200-day moving average is $88.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 27th. The bank reported $2.64 EPS 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 company had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter last year, the business earned $2.08 EPS. Bank of Montreal’s quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts predict that Bank of Montreal will post 8 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be issued a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a yield of 4.81%. Bank of Montreal’s dividend payout ratio is presently 72.13%.

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.