CIBC Asset Management Inc Sells 1,531,710 Shares of Bank of Montreal (NYSE:BMO)

CIBC Asset Management Inc decreased its stake in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 18.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 6,628,334 shares of the bank's stock after selling 1,531,710 shares during the period. Bank of Montreal accounts for 1.9% of CIBC Asset Management Inc's investment portfolio, making the stock its 12th largest position. CIBC Asset Management Inc owned about 0.91% of Bank of Montreal worth $600,827,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. US Bancorp DE boosted its stake in Bank of Montreal by 4.6% in the first quarter. US Bancorp DE now owns 22,797 shares of the bank's stock worth $2,227,000 after buying an additional 1,003 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Bank of Montreal by 65.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,009 shares of the bank's stock valued at $392,000 after purchasing an additional 1,591 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its position in shares of Bank of Montreal by 7.5% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 6,167 shares of the bank's stock worth $602,000 after buying an additional 428 shares during the period. Intech Investment Management LLC purchased a new position in Bank of Montreal during the 1st quarter valued at about $3,997,000. Finally, Vanguard Group Inc. grew its holdings in Bank of Montreal by 1.9% in the first quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank's stock worth $2,795,402,000 after purchasing an additional 544,767 shares during the period. Hedge funds and other institutional investors own 45.82% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America lowered Bank of Montreal from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. StockNews.com downgraded Bank of Montreal from a "hold" rating to a "sell" rating in a research note on Thursday, August 29th. TD Securities downgraded Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. Jefferies Financial Group lowered Bank of Montreal from a "buy" rating to a "hold" rating in a research report on Tuesday, August 27th. Finally, Scotiabank lowered shares of Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the stock from $123.00 to $112.00 in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Bank of Montreal has a consensus rating of "Hold" and an average price target of $119.75.

Bank of Montreal Price Performance

BMO stock traded down $0.07 during trading on Friday, reaching $93.33. The company's stock had a trading volume of 193,979 shares, compared to its average volume of 890,953. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. The company's fifty day moving average is $90.66 and its 200-day moving average is $88.14. The company has a market capitalization of $68.09 billion, a P/E ratio of 14.79, a price-to-earnings-growth ratio of 2.40 and a beta of 1.10. Bank of Montreal has a 1 year low of $76.98 and a 1 year high of $100.12.

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 EPS 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 during the quarter, compared to analysts' expectations of $8.25 billion. During the same period in the prior year, the firm posted $2.08 earnings per share. The firm's revenue for the quarter was up .2% on a year-over-year basis. On average, research analysts expect that Bank of Montreal will post 8 earnings per share for the current fiscal year.

Bank of Montreal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be given a dividend of $1.123 per share. The ex-dividend date 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 payout ratio is 72.13%.

About Bank of Montreal

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.