PCJ Investment Counsel Ltd. Lowers Stock Holdings in Bank Of Montreal $BMO

by · The Cerbat Gem

PCJ Investment Counsel Ltd. lessened its holdings in shares of Bank Of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 16.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,360 shares of the bank’s stock after selling 9,510 shares during the quarter. Bank Of Montreal makes up about 1.8% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 17th biggest position. PCJ Investment Counsel Ltd.’s holdings in Bank Of Montreal were worth $5,252,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ascent Group LLC raised its holdings in shares of Bank Of Montreal by 3.5% during the second quarter. Ascent Group LLC now owns 2,756 shares of the bank’s stock valued at $305,000 after acquiring an additional 92 shares during the period. Princeton Global Asset Management LLC grew its position in Bank Of Montreal by 40.0% during the 2nd quarter. Princeton Global Asset Management LLC now owns 350 shares of the bank’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. Focus Partners Advisor Solutions LLC lifted its holdings in shares of Bank Of Montreal by 4.5% in the second quarter. Focus Partners Advisor Solutions LLC now owns 2,616 shares of the bank’s stock valued at $289,000 after purchasing an additional 112 shares in the last quarter. Wedbush Securities Inc. grew its holdings in shares of Bank Of Montreal by 4.5% during the second quarter. Wedbush Securities Inc. now owns 3,091 shares of the bank’s stock valued at $342,000 after buying an additional 132 shares in the last quarter. Finally, Wealth Alliance LLC boosted its position in Bank Of Montreal by 1.8% during the 1st quarter. Wealth Alliance LLC now owns 8,146 shares of the bank’s stock worth $778,000 after acquiring an additional 142 shares during the period. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on BMO shares. Royal Bank Of Canada cut shares of Bank Of Montreal from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $168.00 to $163.00 in a report on Friday, October 3rd. Scotiabank restated a “sector perform” rating on shares of Bank Of Montreal in a report on Wednesday, August 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank Of Montreal in a research note on Wednesday, October 8th. National Bankshares reissued an “outperform” rating on shares of Bank Of Montreal in a research report on Friday, August 15th. Finally, CIBC upgraded Bank Of Montreal from a “neutral” rating to a “sector outperform” rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $163.00.

View Our Latest Analysis on Bank Of Montreal

Bank Of Montreal Stock Up 0.5%

Shares of Bank Of Montreal stock opened at $123.57 on Friday. Bank Of Montreal has a 12-month low of $85.40 and a 12-month high of $131.36. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average price of $126.80 and a two-hundred day moving average price of $114.67. The stock has a market capitalization of $88.03 billion, a P/E ratio of 15.12, a PEG ratio of 1.28 and a beta of 1.04.

Bank Of Montreal (NYSE:BMO – Get Free Report) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 26th. The bank reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.21. The business had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $8.84 billion. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. Bank Of Montreal’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.64 earnings per share. Equities analysts expect that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, October 30th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 5.3%. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. Bank Of Montreal’s dividend payout ratio is currently 57.28%.

Bank Of Montreal Profile

(Free Report)

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.

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