CIBC Asset Management Inc Has $600.83 Million Stake in Bank of Montreal (NYSE:BMO)

CIBC Asset Management Inc decreased its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 18.8% in the 3rd quarter, HoldingsChannel.com reports. 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 comprises 1.9% of CIBC Asset Management Inc’s investment portfolio, making the stock its 12th biggest position. CIBC Asset Management Inc’s holdings in Bank of Montreal were worth $600,827,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of Montreal in the second quarter worth $34,000. Rothschild Investment LLC purchased a new stake in shares of Bank of Montreal during the 2nd quarter valued at $40,000. GHP Investment Advisors Inc. lifted its position in shares of Bank of Montreal by 244.1% during the 3rd quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after buying an additional 393 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after buying an additional 160 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Bank of Montreal by 207.8% in the third quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock worth $56,000 after buying an additional 451 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Bank of Montreal Stock Down 0.1 %

NYSE:BMO opened at $93.39 on Friday. Bank of Montreal has a twelve month low of $76.98 and a twelve month high of $100.12. The stock has a fifty day simple moving average of $90.45 and a 200-day simple moving average of $88.10. The company has a market cap of $68.13 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 2.40 and a beta of 1.10. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.12). Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The company had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same period last year, the business posted $2.08 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Analysts anticipate that Bank of Montreal will post 8 EPS 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. Stockholders of record on Wednesday, October 30th will be issued a $1.123 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 annualized dividend and a dividend yield of 4.81%. Bank of Montreal’s dividend payout ratio (DPR) is presently 72.13%.

Wall Street Analysts Forecast Growth

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

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.