Pinnacle Associates Ltd. Trims Position in Bank of Montreal (NYSE:BMO)

Pinnacle Associates Ltd. lowered its stake in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 39.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,500 shares of the bank's stock after selling 13,100 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Bank of Montreal were worth $2,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Bank of Montreal by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank's stock valued at $2,795,402,000 after acquiring an additional 544,767 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Bank of Montreal by 4.9% during the 2nd quarter. National Bank of Canada FI now owns 14,761,836 shares of the bank's stock valued at $1,231,564,000 after acquiring an additional 692,049 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Bank of Montreal by 6.8% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,312,320 shares of the bank's stock valued at $613,138,000 after acquiring an additional 463,924 shares during the last quarter. JARISLOWSKY FRASER Ltd boosted its position in shares of Bank of Montreal by 36.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 5,239,662 shares of the bank's stock valued at $439,705,000 after acquiring an additional 1,412,532 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Bank of Montreal by 138.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,851,629 shares of the bank's stock valued at $407,282,000 after acquiring an additional 2,816,385 shares during the last quarter. Institutional investors own 45.82% of the company's stock.

Bank of Montreal Price Performance

Shares of Bank of Montreal stock opened at $90.78 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The business's 50 day simple moving average is $89.00 and its two-hundred day simple moving average is $88.09. The stock has a market capitalization of $66.23 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 2.53 and a beta of 1.11. Bank of Montreal has a one year low of $76.33 and a one year high of $100.12.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced 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). The company had revenue of $8.21 billion during the quarter, compared to analysts' expectations 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 revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. Analysts forecast that Bank of Montreal will post 8.06 EPS for the current year.

Bank of Montreal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders 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 dividend on an annualized basis and a yield of 4.95%. Bank of Montreal's dividend payout ratio (DPR) is currently 72.13%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. 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. Scotiabank cut Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the company from $123.00 to $112.00 in a report on Wednesday, August 28th. TD Securities cut Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. Bank of America cut Bank of Montreal from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Jefferies Financial Group cut Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $119.75.

Bank of Montreal 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.