Pathway Financial Advisers LLC Purchases 29,367 Shares of Bank of Montreal (NYSE:BMO)

Pathway Financial Advisers LLC lifted its stake in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 2,701.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,454 shares of the bank's stock after acquiring an additional 29,367 shares during the quarter. Pathway Financial Advisers LLC's holdings in Bank of Montreal were worth $2,747,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of Montreal during the 2nd quarter worth $34,000. Rothschild Investment LLC bought a new stake in Bank of Montreal during the 2nd quarter valued at approximately $40,000. GHP Investment Advisors Inc. grew its holdings in Bank of Montreal by 244.1% in the 3rd quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank's stock valued at $50,000 after buying an additional 393 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank's stock worth $56,000 after buying an additional 160 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Bank of Montreal by 207.8% during the third 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. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Montreal Stock Performance

Shares of Bank of Montreal stock remained flat at $91.89 during mid-day trading on Wednesday. 577,677 shares of the company were exchanged, compared to its average volume of 904,419. Bank of Montreal has a 1-year low of $74.48 and a 1-year high of $100.12. The company has a market capitalization of $67.04 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.11. The company has a fifty day simple moving average of $88.86 and a 200-day simple moving average of $88.08. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share 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 company had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the prior year, the firm posted $2.08 earnings per share. The company's revenue was up .2% on a year-over-year basis. On average, research analysts predict that Bank of Montreal will post 8.06 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be paid a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a dividend yield of 4.89%. Bank of Montreal's dividend payout ratio (DPR) is currently 72.13%.

Wall Street Analyst Weigh In

BMO has been the topic of a number of research reports. Bank of America lowered shares of Bank of Montreal from a "buy" rating to a "neutral" rating and dropped their target price 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 report on Thursday, August 29th. Barclays lowered their price target 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. Jefferies Financial Group lowered Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. Finally, TD Securities lowered Bank of Montreal from a "buy" rating to a "hold" rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $119.75.

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.