Bank Of Montreal $BMO Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its holdings in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 62.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,000 shares of the bank’s stock after selling 20,000 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank Of Montreal were worth $2,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC raised its stake in shares of Bank Of Montreal by 0.3% in the second quarter. HighTower Advisors LLC now owns 22,179 shares of the bank’s stock valued at $3,919,000 after acquiring an additional 58 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Bank Of Montreal by 1.9% in the second quarter. Versant Capital Management Inc now owns 4,241 shares of the bank’s stock valued at $749,000 after purchasing an additional 78 shares during the period. Checchi Capital Advisers LLC boosted its holdings in Bank Of Montreal by 2.9% in the first quarter. Checchi Capital Advisers LLC now owns 3,141 shares of the bank’s stock valued at $425,000 after purchasing an additional 88 shares during the period. Turn8 Private Wealth Inc. boosted its holdings in Bank Of Montreal by 0.8% in the first quarter. Turn8 Private Wealth Inc. now owns 11,215 shares of the bank’s stock valued at $1,514,000 after purchasing an additional 93 shares during the period. Finally, Arkadios Wealth Advisors grew its stake in Bank Of Montreal by 5.6% during the 1st quarter. Arkadios Wealth Advisors now owns 1,775 shares of the bank’s stock worth $240,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on BMO shares. Scotiabank restated an “outperform” rating on shares of Bank Of Montreal in a report on Wednesday, August 26th. TD Securities reaffirmed a “buy” rating on shares of Bank Of Montreal in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods began coverage on Bank Of Montreal in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Canadian Imperial Bank of Commerce cut Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, August 18th. Finally, Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Bank Of Montreal presently has an average rating of “Hold” and a consensus price target of $244.00.

Bank Of Montreal Price Performance

Bank Of Montreal stock opened at $169.12 on Friday. The stock has a market cap of $117.55 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.02 and a beta of 0.95. The company has a fifty day simple moving average of $171.00 and a 200-day simple moving average of $167.65. Bank Of Montreal has a 12-month low of $119.84 and a 12-month high of $187.22. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.13. The firm had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.94 billion. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.23 earnings per share. Equities analysts expect that Bank Of Montreal will post 10.65 EPS for the current fiscal year.

Bank Of Montreal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be issued a dividend of C$1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, October 30th. Bank Of Montreal’s payout ratio is 54.29%.

Bank Of Montreal Company Profile

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.