Norges Bank Makes New $1.06 Billion Investment in Bank Of Montreal $BMO

Norges Bank purchased a new position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 8,156,958 shares of the bank’s stock, valued at approximately $1,059,320,000.

Other hedge funds have also recently added to or reduced their stakes in the company. WFA of San Diego LLC acquired a new position in Bank Of Montreal in the second quarter worth approximately $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Bank Of Montreal in the fourth quarter worth approximately $29,000. Larson Financial Group LLC grew its position in Bank Of Montreal by 466.7% in the third quarter. Larson Financial Group LLC now owns 238 shares of the bank’s stock worth $31,000 after buying an additional 196 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in Bank Of Montreal in the fourth quarter worth approximately $34,000. Finally, Sunbelt Securities Inc. acquired a new position in Bank Of Montreal in the third quarter worth approximately $42,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank Of Montreal Trading Up 0.1%

Bank Of Montreal stock opened at $162.07 on Friday. The company’s fifty day simple moving average is $148.07 and its 200-day simple moving average is $139.17. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Bank Of Montreal has a 12 month low of $104.08 and a 12 month high of $163.75. The stock has a market cap of $113.51 billion, a P/E ratio of 17.20, a P/E/G ratio of 0.90 and a beta of 0.94.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings results on Wednesday, May 27th. The bank reported $2.68 EPS for the quarter, beating the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The business had revenue of $7.04 billion for the quarter, compared to analysts’ expectations of $6.98 billion. During the same period in the previous year, the company posted $2.62 EPS. Bank Of Montreal’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts forecast that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Thursday, July 30th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.2%. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date of this dividend is Thursday, July 30th. Bank Of Montreal’s dividend payout ratio (DPR) is currently 50.96%.

Analysts Set New Price Targets

Several equities analysts have weighed in on BMO shares. Zacks Research cut shares of Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Scotiabank reiterated a “sector perform” rating on shares of Bank Of Montreal in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Bank Of Montreal in a research report on Thursday. Jefferies Financial Group reiterated a “hold” rating on shares of Bank Of Montreal in a research report on Wednesday, February 25th. Finally, TD Securities reiterated a “buy” rating on shares of Bank Of Montreal in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $163.00.

Bank Of Montreal Profile

Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.

BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.