Delta Lloyd Asset Management N.V. Takes Position in Bank Of Montreal (BMO)
Delta Lloyd Asset Management N.V. acquired a new stake in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 89,531 shares of the bank’s stock, valued at approximately $6,578,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. CGOV Asset Management raised its stake in shares of Bank Of Montreal by 13.1% in the first quarter. CGOV Asset Management now owns 8,627 shares of the bank’s stock worth $857,000 after buying an additional 1,000 shares during the period. USS Investment Management Ltd acquired a new stake in shares of Bank Of Montreal during the second quarter worth approximately $6,314,000. Pennsylvania Trust Co acquired a new stake in shares of Bank Of Montreal during the second quarter worth approximately $217,000. Blair William & Co. IL raised its stake in shares of Bank Of Montreal by 6.5% in the second quarter. Blair William & Co. IL now owns 16,738 shares of the bank’s stock worth $1,229,000 after buying an additional 1,023 shares during the period. Finally, Bank of Nova Scotia raised its stake in shares of Bank Of Montreal by 3.1% in the first quarter. Bank of Nova Scotia now owns 16,561,393 shares of the bank’s stock worth $1,237,062,000 after buying an additional 490,813 shares during the period. Institutional investors own 42.55% of the company’s stock.
Bank Of Montreal (BMO) opened at 72.25 on Friday. The stock has a market capitalization of $48.88 billion, a P/E ratio of 11.21 and a beta of 1.03. Bank Of Montreal has a 12-month low of $62.32 and a 12-month high of $78.00. The firm’s 50-day moving average is $74.50 and its 200-day moving average is $73.19.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, August 29th. The bank reported $1.53 earnings per share for the quarter, missing the consensus estimate of $1.57 by $0.04. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The company had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the business earned $1.94 earnings per share. Bank Of Montreal’s revenue was down 3.1% compared to the same quarter last year. Analysts predict that Bank Of Montreal will post $6.44 EPS for the current fiscal year.
Bank Of Montreal declared that its Board of Directors has authorized a stock repurchase plan on Friday, June 23rd that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.717 per share. The ex-dividend date is Tuesday, October 31st. This is an increase from Bank Of Montreal’s previous quarterly dividend of $0.66. This represents a $2.87 annualized dividend and a dividend yield of 3.97%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 45.28%.
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A number of brokerages have commented on BMO. Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Tuesday, July 18th. Canaccord Genuity began coverage on shares of Bank Of Montreal in a research note on Tuesday, July 18th. They set a “hold” rating for the company. BidaskClub lowered shares of Bank Of Montreal from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Scotiabank restated a “buy” rating and set a $101.00 price target on shares of Bank Of Montreal in a research note on Wednesday. Finally, Barclays PLC upgraded shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $97.20.
About Bank Of Montreal
Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.
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