Cardinal Point Capital Management ULC Sells 4,423 Shares of Bank Of Montreal $BMO

by · The Markets Daily

Cardinal Point Capital Management ULC trimmed its stake in Bank Of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 171,122 shares of the bank’s stock after selling 4,423 shares during the period. Bank Of Montreal accounts for about 1.6% of Cardinal Point Capital Management ULC’s investment portfolio, making the stock its 17th biggest holding. Cardinal Point Capital Management ULC’s holdings in Bank Of Montreal were worth $28,702,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Canada Pension Plan Investment Board purchased a new position in shares of Bank Of Montreal during the second quarter valued at about $1,281,220,000. TD Waterhouse Canada Inc. raised its stake in Bank Of Montreal by 0.3% in the third quarter. TD Waterhouse Canada Inc. now owns 6,371,237 shares of the bank’s stock worth $1,057,374,000 after buying an additional 20,334 shares in the last quarter. Caisse de depot et placement du Quebec purchased a new stake in Bank Of Montreal in the second quarter worth about $957,549,000. Bank of Nova Scotia purchased a new stake in Bank Of Montreal in the second quarter worth about $920,002,000. Finally, Legal & General Group Plc bought a new stake in Bank Of Montreal during the 2nd quarter valued at approximately $744,214,000. Institutional investors own 45.82% of the company’s stock.

Analyst Upgrades and Downgrades

BMO has been the topic of several research reports. Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a research report on Friday, August 21st. Royal Bank Of Canada reissued a “sector perform” rating on shares of Bank Of Montreal in a research report on Thursday, August 27th. Scotiabank reissued an “outperform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 26th. TD Securities restated a “buy” rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Finally, Canadian Imperial Bank of Commerce lowered Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, August 18th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $244.00.

Read Our Latest Stock Analysis on BMO

Bank Of Montreal Stock Performance

Shares of BMO stock opened at $170.32 on Thursday. Bank Of Montreal has a 12 month low of $119.84 and a 12 month high of $187.22. The stock has a market cap of $118.39 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.01 and a beta of 0.95. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average price is $171.60 and its 200-day moving average price is $167.40.

Bank Of Montreal (NYSE:BMO – Get Free Report) (TSE:BMO) last released its earnings results on Tuesday, August 25th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.13. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.94 billion. Bank Of Montreal had a net margin of 11.72% and a return on equity of 13.60%. During the same period in the prior year, the firm earned $3.23 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. On average, equities analysts expect that Bank Of Montreal will post 10.65 EPS for the current fiscal year.

Bank Of Montreal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 26th. Investors of record on Friday, October 30th will be paid a dividend of C$1.71 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $6.84 annualized dividend and a yield of 4.0%. Bank Of Montreal’s payout ratio is presently 54.29%.

Bank Of Montreal Company Profile

(Free Report)

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.

Further Reading

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