Comerica Bank Grows Position in Bank of Montreal (NYSE:BMO)

Comerica Bank grew its position in shares of Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) by 15.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 11,552 shares of the bank’s stock after acquiring an additional 1,537 shares during the quarter. Comerica Bank’s holdings in Bank of Montreal were worth $1,038,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BMO. Goldman Sachs Group Inc. grew its stake in shares of Bank of Montreal by 114.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,987,436 shares of the bank’s stock worth $287,302,000 after buying an additional 1,595,950 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Bank of Montreal by 82.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,404,661 shares of the bank’s stock worth $400,992,000 after acquiring an additional 1,541,161 shares in the last quarter. Vanguard Group Inc. increased its stake in Bank of Montreal by 6.1% during the first quarter. Vanguard Group Inc. now owns 22,478,058 shares of the bank’s stock worth $2,651,736,000 after acquiring an additional 1,293,280 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Bank of Montreal by 8.8% in the 3rd quarter. Mackenzie Financial Corp now owns 12,281,455 shares of the bank’s stock worth $1,075,216,000 after purchasing an additional 992,014 shares during the period. Finally, Toronto Dominion Bank increased its position in shares of Bank of Montreal by 6.7% during the 2nd quarter. Toronto Dominion Bank now owns 7,772,620 shares of the bank’s stock valued at $748,757,000 after purchasing an additional 485,542 shares during the last quarter. Institutional investors own 42.78% of the company’s stock.

Bank of Montreal Stock Performance

BMO stock opened at $99.62 on Wednesday. Bank of Montreal has a 1-year low of $81.57 and a 1-year high of $122.77. The business has a 50-day moving average price of $94.69 and a 200 day moving average price of $94.75. The company has a market capitalization of $70.07 billion, a P/E ratio of 6.41, a PEG ratio of 1.48 and a beta of 1.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.00 and a quick ratio of 1.00.

Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) last posted its quarterly earnings results on Thursday, December 1st. The bank reported $2.28 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.01). Bank of Montreal had a net margin of 30.35% and a return on equity of 14.95%. The business had revenue of $7.94 billion during the quarter. As a group, equities research analysts forecast that Bank of Montreal will post 10.08 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 28th. Shareholders of record on Monday, January 30th will be given a dividend of $1.0548 per share. The ex-dividend date is Friday, January 27th. This represents a $4.22 annualized dividend and a yield of 4.24%. Bank of Montreal’s dividend payout ratio (DPR) is presently 26.27%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Bank of Montreal from a “sell” rating to a “hold” rating in a report on Wednesday, December 7th. Credit Suisse Group initiated coverage on Bank of Montreal in a report on Monday, December 19th. They issued an “outperform” rating on the stock. BMO Capital Markets cut their price objective on Bank of Montreal from C$151.00 to C$147.50 in a research report on Thursday, January 19th. Bank Of America (Bofa) downgraded Bank of Montreal from a “buy” rating to a “neutral” rating in a research report on Monday, December 12th. Finally, Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating in a research note on Monday, December 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $159.31.

Bank of Montreal Company Profile

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Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, personal loans, small business lending, cash management, 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, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.