Bank of Montreal (BMO) is TD Asset Management Inc.’s 5th Largest Position

TD Asset Management Inc. cut its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.7% in the third quarter, Holdings Channel reports. The fund owned 21,976,448 shares of the bank’s stock after selling 833,319 shares during the quarter. Bank of Montreal comprises about 2.7% of TD Asset Management Inc.’s portfolio, making the stock its 5th largest holding. TD Asset Management Inc.’s holdings in Bank of Montreal were worth $1,811,363,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Ronna Sue Cohen lifted its position in Bank of Montreal by 1.8% in the second quarter. Ronna Sue Cohen now owns 35,814 shares of the bank’s stock valued at $2,630,000 after acquiring an additional 640 shares during the last quarter. Legacy Capital Partners Inc. lifted its position in Bank of Montreal by 1.0% in the second quarter. Legacy Capital Partners Inc. now owns 67,287 shares of the bank’s stock valued at $5,199,000 after acquiring an additional 650 shares during the last quarter. JCIC Asset Management Inc. lifted its position in Bank of Montreal by 7.9% in the third quarter. JCIC Asset Management Inc. now owns 9,956 shares of the bank’s stock valued at $822,000 after acquiring an additional 728 shares during the last quarter. Hugh Johnson Advisors LLC lifted its position in Bank of Montreal by 11.9% in the second quarter. Hugh Johnson Advisors LLC now owns 7,330 shares of the bank’s stock valued at $566,000 after acquiring an additional 782 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Bank of Montreal by 29.0% in the second quarter. Signaturefd LLC now owns 3,594 shares of the bank’s stock valued at $278,000 after acquiring an additional 809 shares during the last quarter. 43.38% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:BMO opened at $75.13 on Friday. Bank of Montreal has a one year low of $73.79 and a one year high of $84.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $48.11 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.23 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 28th. The bank reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.07. Bank of Montreal had a net margin of 16.17% and a return on equity of 14.75%. The business had revenue of $4.51 billion during the quarter, compared to analysts’ expectations of $4.45 billion. As a group, sell-side analysts predict that Bank of Montreal will post 6.93 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be issued a $0.7386 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.93%. Bank of Montreal’s payout ratio is 46.79%.

A number of equities research analysts recently weighed in on BMO shares. ValuEngine cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Canaccord Genuity raised shares of Bank of Montreal from a “hold” rating to a “buy” rating in a research report on Wednesday, August 29th. Royal Bank of Canada raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and set a $120.00 price target for the company in a research report on Wednesday, July 18th. Finally, BMO Capital Markets raised shares of Bank of Montreal to a “$78.97” rating in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $106.50.

Bank of Montreal Company Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.

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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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