Goldman Sachs Group Inc. Sells 103,618 Shares of Bank Of Montreal (BMO)
Goldman Sachs Group Inc. cut its holdings in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 9.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,000,761 shares of the bank’s stock after selling 103,618 shares during the period. Goldman Sachs Group Inc. owned about 0.15% of Bank Of Montreal worth $73,496,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of BMO. Bronfman E.L. Rothschild L.P. increased its stake in Bank Of Montreal by 1.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,392 shares of the bank’s stock worth $102,000 after purchasing an additional 15 shares during the period. IFP Advisors Inc increased its stake in Bank Of Montreal by 11.5% during the second quarter. IFP Advisors Inc now owns 1,604 shares of the bank’s stock worth $118,000 after purchasing an additional 166 shares during the period. BNP Paribas Arbitrage SA purchased a new stake in Bank Of Montreal during the first quarter worth about $121,000. Parallel Advisors LLC increased its stake in Bank Of Montreal by 5.0% during the first quarter. Parallel Advisors LLC now owns 2,071 shares of the bank’s stock worth $145,000 after purchasing an additional 99 shares during the period. Finally, IHT Wealth Management LLC increased its stake in Bank Of Montreal by 38.7% during the first quarter. IHT Wealth Management LLC now owns 2,150 shares of the bank’s stock worth $160,000 after purchasing an additional 600 shares during the period. Institutional investors own 42.74% of the company’s stock.
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A number of analysts have issued reports on the stock. BidaskClub upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Scotiabank reiterated a “buy” rating and set a $101.00 price target on shares of Bank Of Montreal in a research note on Wednesday, August 30th. Canaccord Genuity assumed coverage on shares of Bank Of Montreal in a research note on Tuesday, July 18th. They set a “hold” rating on the stock. Finally, Zacks Investment Research upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, July 18th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $97.20.
Shares of Bank Of Montreal (BMO) opened at 76.95 on Thursday. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00. The stock has a market capitalization of $49.94 billion, a price-to-earnings ratio of 11.51 and a beta of 1.04. The company’s 50 day moving average is $74.19 and its 200-day moving average is $72.90.
Bank Of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 29th. The bank reported $1.53 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.04). The company had revenue of $5.46 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Bank Of Montreal had a net margin of 20.04% and a return on equity of 14.36%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.94 earnings per share. Equities analysts anticipate that Bank Of Montreal will post $6.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.717 per share. 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 3.71%. The ex-dividend date of this dividend is Tuesday, October 31st. Bank Of Montreal’s dividend payout ratio (DPR) is presently 46.91%.
Bank Of Montreal announced that its Board of Directors has approved a stock repurchase plan on Friday, June 23rd that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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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