Wells Fargo & Company MN increased its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 14.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 528,981 shares of the bank’s stock after buying an additional 66,666 shares during the period. Wells Fargo & Company MN owned 0.08% of Bank Of Montreal worth $38,848,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. USS Investment Management Ltd bought a new position in Bank Of Montreal during the second quarter worth $6,314,000. Blair William & Co. IL raised its stake in Bank Of Montreal by 6.5% during 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 last quarter. Intact Investment Management Inc. raised its stake in Bank Of Montreal by 106.6% during the second quarter. Intact Investment Management Inc. now owns 575,323 shares of the bank’s stock worth $54,782,000 after buying an additional 296,840 shares during the last quarter. CGOV Asset Management raised its stake in Bank Of Montreal by 13.1% during 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 last quarter. Finally, Pennsylvania Trust Co bought a new position in Bank Of Montreal during the second quarter worth $217,000. 42.76% of the stock is owned by institutional investors and hedge funds.

Shares of Bank Of Montreal (NYSE:BMO) opened at 74.99 on Wednesday. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The company has a market capitalization of $48.67 billion, a P/E ratio of 11.55 and a beta of 1.03. The firm has a 50-day moving average of $73.75 and a 200 day moving average of $72.93.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($0.04). The company had revenue of $5.46 billion during the quarter, compared to the consensus estimate of $5.52 billion. Bank Of Montreal had a return on equity of 14.36% and a net margin of 20.04%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.94 earnings per share. On average, equities research analysts expect that Bank Of Montreal will post $6.60 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be paid a $0.717 dividend. This represents a $2.87 annualized dividend and a dividend yield of 3.82%. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. Bank Of Montreal’s dividend payout ratio (DPR) is presently 45.28%.

Bank Of Montreal declared that its Board of Directors has initiated a stock buyback program on Friday, June 23rd that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

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A number of brokerages recently weighed in on BMO. Royal Bank Of Canada lowered their target price on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research note on Thursday, May 25th. BidaskClub raised shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Scotiabank reissued a “buy” rating and set a $101.00 target price on shares of Bank Of Montreal in a research note on Wednesday, August 30th. 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. Finally, Barclays PLC raised shares of Bank Of Montreal from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 23rd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Bank Of Montreal presently has an average rating of “Hold” and an average target price 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.

Institutional Ownership by Quarter for Bank Of Montreal (NYSE:BMO)

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