Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in Bank of Montreal (NYSE:BMO)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 39.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,985,056 shares of the bank's stock after selling 1,281,338 shares during the period. Bank of Montreal makes up 0.9% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 24th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.27% of Bank of Montreal worth $179,102,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in Bank of Montreal during the second quarter worth $34,000. Rothschild Investment LLC bought a new position in shares of Bank of Montreal in the second quarter valued at approximately $40,000. GHP Investment Advisors Inc. grew its position in Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank's stock worth $50,000 after buying an additional 393 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank's stock valued at $56,000 after acquiring an additional 160 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Bank of Montreal by 207.8% in the 3rd quarter. Blue Trust Inc. now owns 668 shares of the bank's stock worth $56,000 after buying an additional 451 shares during the last quarter. Hedge funds and other institutional investors own 45.82% of the company's stock.

Bank of Montreal Price Performance

BMO traded down $0.05 during midday trading on Wednesday, hitting $94.04. The company had a trading volume of 329,810 shares, compared to its average volume of 896,633. The company has a market capitalization of $68.61 billion, a PE ratio of 14.82, a P/E/G ratio of 2.39 and a beta of 1.10. The firm's 50-day simple moving average is $91.30 and its 200-day simple moving average is $88.18. 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 has a twelve month low of $76.98 and a twelve month high of $100.12.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 earnings per share for the quarter, missing the consensus estimate 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%. The company's revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. Equities research analysts predict that Bank of Montreal will post 8 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be paid a dividend of $1.123 per share. This represents a $4.49 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend is Wednesday, October 30th. Bank of Montreal's dividend payout ratio (DPR) is presently 72.13%.

Wall Street Analyst Weigh In

Several research firms have commented on BMO. Jefferies Financial Group lowered shares of Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. TD Securities downgraded shares of Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. Bank of America downgraded shares of Bank of Montreal from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $134.00 to $117.00 in a research note on Wednesday, August 28th. Royal Bank of Canada cut shares of Bank of Montreal from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, July 30th. Finally, Scotiabank lowered shares of Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the company from $123.00 to $112.00 in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $119.75.

Bank of Montreal Company Profile

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.