Romano Brothers AND Company Lowers Stock Holdings in Bank of Montreal (NYSE:BMO)

by · The Markets Daily

Romano Brothers AND Company decreased its position in shares of Bank of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 2.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,533 shares of the bank’s stock after selling 1,450 shares during the period. Romano Brothers AND Company’s holdings in Bank of Montreal were worth $4,648,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BMO. Signaturefd LLC grew its stake in shares of Bank of Montreal by 1.5% during the second quarter. Signaturefd LLC now owns 8,581 shares of the bank’s stock worth $720,000 after purchasing an additional 123 shares in the last quarter. Boltwood Capital Management boosted its position in shares of Bank of Montreal by 3.1% during the 3rd quarter. Boltwood Capital Management now owns 4,125 shares of the bank’s stock worth $372,000 after acquiring an additional 125 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Bank of Montreal by 4.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after acquiring an additional 151 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Bank of Montreal by 34.6% during the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after purchasing an additional 160 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in Bank of Montreal by 17.9% in the second quarter. Whittier Trust Co. now owns 1,092 shares of the bank’s stock valued at $92,000 after purchasing an additional 166 shares in the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BMO. TD Securities cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Royal Bank of Canada downgraded shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $123.00 to $112.00 in a research report on Wednesday, August 28th. Bank of America downgraded Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their target price for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Barclays cut their price target on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $119.75.

View Our Latest Analysis on BMO

Bank of Montreal Price Performance

Bank of Montreal stock opened at $93.33 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The business has a 50 day simple moving average of $88.17 and a 200-day simple moving average of $88.19. Bank of Montreal has a 12 month low of $73.98 and a 12 month high of $100.12. The stock has a market capitalization of $68.06 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 2.47 and a beta of 1.11.

Bank of Montreal (NYSE:BMO – Get Free Report) (TSE:BMO) last announced its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.12). Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The business had revenue of $8.21 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period in the prior year, the company earned $2.08 EPS. The company’s revenue was up .2% on a year-over-year basis. Equities analysts predict that Bank of Montreal will post 8.06 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be issued a $1.123 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a dividend yield of 4.81%. Bank of Montreal’s dividend payout ratio is presently 76.08%.

About Bank of Montreal

(Free Report)

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.

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