The Manufacturers Life Insurance Company lifted its position in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 2.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,793,309 shares of the bank's stock after buying an additional 114,909 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.66% of Bank of Montreal worth $432,823,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Pathway Financial Advisers LLC raised its holdings in Bank of Montreal by 2,701.7% during the third quarter. Pathway Financial Advisers LLC now owns 30,454 shares of the bank's stock valued at $2,747,000 after acquiring an additional 29,367 shares during the period. Newport Trust Company LLC raised its stake in Bank of Montreal by 1.1% during the 2nd quarter. Newport Trust Company LLC now owns 1,411,695 shares of the bank's stock valued at $118,371,000 after purchasing an additional 14,809 shares during the period. Intact Investment Management Inc. lifted its holdings in Bank of Montreal by 72.9% in the 3rd quarter. Intact Investment Management Inc. now owns 588,209 shares of the bank's stock worth $53,082,000 after purchasing an additional 248,098 shares in the last quarter. Fiera Capital Corp boosted its stake in Bank of Montreal by 2.1% in the 2nd quarter. Fiera Capital Corp now owns 3,403,431 shares of the bank's stock worth $285,789,000 after purchasing an additional 69,111 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Bank of Montreal by 34.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank's stock valued at $56,000 after buying an additional 160 shares in the last quarter. Institutional investors own 45.82% of the company's stock.
Shares of NYSE BMO opened at $95.57 on Tuesday. The stock has a 50 day moving average price of $92.05 and a 200 day moving average price of $88.24. The firm has a market capitalization of $69.73 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 2.57 and a beta of 1.10. Bank of Montreal has a 52-week low of $76.98 and a 52-week high of $100.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98.
Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.12). The firm had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. Bank of Montreal's quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.08 EPS. Sell-side analysts expect that Bank of Montreal will post 7.4 earnings per share for the current year.
BMO has been the subject of a number of recent research reports. Scotiabank cut shares of Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $123.00 to $112.00 in a research note on Wednesday, August 28th. Royal Bank of Canada downgraded Bank of Montreal from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, July 30th. TD Securities downgraded shares of Bank of Montreal from a "buy" rating to a "hold" rating in a research note on Tuesday, August 27th. StockNews.com downgraded shares of Bank of Montreal from a "hold" rating to a "sell" rating in a research note on Thursday, August 29th. Finally, Barclays cut their target price on Bank of Montreal from $132.00 to $126.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $119.75.
Read Our Latest Analysis on BMO
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Bank of Montreal, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of Montreal wasn't on the list.
While Bank of Montreal currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.