Pinnacle Financial Partners Inc Sells 1,768 Shares of Bank of Montreal (NYSE:BMO)

Pinnacle Financial Partners Inc cut its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 169,949 shares of the bank’s stock after selling 1,768 shares during the period. Pinnacle Financial Partners Inc’s holdings in Bank of Montreal were worth $16,815,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. PCA Investment Advisory Services Inc. bought a new position in shares of Bank of Montreal during the second quarter worth about $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Bank of Montreal by 192.1% in the third quarter. EverSource Wealth Advisors LLC now owns 333 shares of the bank’s stock valued at $28,000 after purchasing an additional 219 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of Bank of Montreal in the third quarter worth $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Bank of Montreal during the third quarter worth $33,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Bank of Montreal in the first quarter valued at $36,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Bank of America upgraded shares of Bank of Montreal from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Barclays began coverage on Bank of Montreal in a research report on Wednesday, March 20th. They set an “overweight” rating on the stock. StockNews.com raised Bank of Montreal from a “sell” rating to a “hold” rating in a report on Sunday, March 3rd. National Bank Financial upgraded shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a report on Wednesday, December 20th. Finally, Jefferies Financial Group assumed coverage on shares of Bank of Montreal in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $131.00.

Bank of Montreal Stock Performance

Shares of BMO stock traded down $0.07 during midday trading on Monday, hitting $97.61. 278,677 shares of the company were exchanged, compared to its average volume of 678,803. The firm has a market capitalization of $71.18 billion, a P/E ratio of 18.58, a PEG ratio of 1.87 and a beta of 1.13. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.94. Bank of Montreal has a 52 week low of $73.98 and a 52 week high of $100.12. The firm’s 50 day moving average price is $94.08 and its two-hundred day moving average price is $88.87.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, February 27th. The bank reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.34). The firm had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $6.34 billion. Bank of Montreal had a return on equity of 11.89% and a net margin of 7.40%. As a group, equities research analysts anticipate that Bank of Montreal will post 8.94 earnings per share for the current year.

Bank of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, April 29th will be given a $1.1172 dividend. This represents a $4.47 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Friday, April 26th. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.11. Bank of Montreal’s payout ratio is presently 62.02%.

Bank of Montreal Company Profile

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.