Bank of Montreal (NYSE:BMO) Stake Lessened by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. reduced its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 13.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,108,517 shares of the bank’s stock after selling 178,185 shares during the period. Bank of Montreal makes up about 3.6% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 9th biggest position. Cardinal Capital Management Inc.’s holdings in Bank of Montreal were worth $105,901,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc raised its holdings in Bank of Montreal by 179.5% during the fourth quarter. IFP Advisors Inc now owns 313 shares of the bank’s stock valued at $30,000 after acquiring an additional 201 shares during the period. Addison Advisors LLC grew its position in Bank of Montreal by 282.8% in the fourth quarter. Addison Advisors LLC now owns 333 shares of the bank’s stock worth $32,000 after acquiring an additional 246 shares in the last quarter. Vision Financial Markets LLC purchased a new position in shares of Bank of Montreal during the fourth quarter valued at approximately $39,000. Dunhill Financial LLC purchased a new position in shares of Bank of Montreal during the fourth quarter valued at approximately $39,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Bank of Montreal by 140.9% during the fourth quarter. First Horizon Advisors Inc. now owns 612 shares of the bank’s stock valued at $59,000 after buying an additional 358 shares during the period. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Montreal Stock Down 0.2%

Bank of Montreal stock opened at $108.07 on Tuesday. The business has a fifty day moving average of $98.56 and a two-hundred day moving average of $98.47. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The firm has a market cap of $78.03 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.43 and a beta of 1.08. Bank of Montreal has a twelve month low of $76.98 and a twelve month high of $109.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Wednesday, May 28th. The bank reported $1.84 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.84. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $8.79 billion. Bank of Montreal had a return on equity of 10.18% and a net margin of 9.22%. Bank of Montreal’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.59 earnings per share. On average, analysts forecast that Bank of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Wednesday, July 30th will be issued a dividend of $1.1801 per share. This represents a $4.72 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Wednesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.11. Bank of Montreal’s dividend payout ratio is currently 61.48%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Bank of Montreal from $161.00 to $163.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Wall Street Zen raised Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Barclays cut Bank of Montreal from an “overweight” rating to an “equal weight” rating in a research note on Monday. CIBC reissued a “neutral” rating on shares of Bank of Montreal in a research note on Tuesday, May 20th. Finally, Cibc World Mkts cut Bank of Montreal from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $129.50.

Bank of Montreal 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.