Pinnacle Financial Partners Inc Cuts Position in Bank of Montreal (NYSE:BMO)

Pinnacle Financial Partners Inc lowered its position in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 20.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,691 shares of the bank's stock after selling 37,197 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Bank of Montreal were worth $13,654,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank boosted its stake in Bank of Montreal by 14.9% in the third quarter. Toronto Dominion Bank now owns 11,812,353 shares of the bank's stock valued at $1,065,474,000 after acquiring an additional 1,534,508 shares during the last quarter. FMR LLC raised its holdings in shares of Bank of Montreal by 14.2% in the 3rd quarter. FMR LLC now owns 5,046,721 shares of the bank's stock worth $455,397,000 after purchasing an additional 625,797 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Bank of Montreal by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,793,309 shares of the bank's stock worth $432,823,000 after purchasing an additional 114,909 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Bank of Montreal by 261.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,249,552 shares of the bank's stock valued at $383,449,000 after purchasing an additional 3,074,389 shares during the last quarter. Finally, Fiera Capital Corp grew its holdings in Bank of Montreal by 7.2% during the fourth quarter. Fiera Capital Corp now owns 3,701,814 shares of the bank's stock valued at $358,991,000 after purchasing an additional 248,096 shares during the period. Institutional investors own 45.82% of the company's stock.

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Wall Street Analysts Forecast Growth

BMO has been the topic of a number of recent research reports. StockNews.com cut Bank of Montreal from a "hold" rating to a "sell" rating in a research report on Thursday, February 20th. Royal Bank of Canada increased their target price on shares of Bank of Montreal from $161.00 to $163.00 and gave the stock an "outperform" rating in a research report on Wednesday. Scotiabank upgraded shares of Bank of Montreal from a "sector perform" rating to a "sector outperform" rating in a research note on Friday, December 6th. CIBC upgraded shares of Bank of Montreal from a "neutral" rating to a "sector outperform" rating in a research note on Friday, December 6th. Finally, Cibc World Mkts upgraded shares of Bank of Montreal from a "hold" rating to a "strong-buy" rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of Montreal presently has a consensus rating of "Hold" and a consensus target price of $128.40.

Bank of Montreal Price Performance

NYSE BMO traded down $0.09 on Wednesday, hitting $104.05. The stock had a trading volume of 763,741 shares, compared to its average volume of 626,058. The firm has a 50-day moving average of $98.79 and a 200-day moving average of $93.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a 52-week low of $76.98 and a 52-week high of $106.00. The company has a market capitalization of $75.84 billion, a price-to-earnings ratio of 14.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.09.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings data on Tuesday, February 25th. The bank reported $3.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $1.36. Bank of Montreal had a return on equity of 10.18% and a net margin of 9.22%. The company had revenue of $9.27 billion for the quarter, compared to the consensus estimate of $8.58 billion. During the same quarter last year, the business posted $2.56 earnings per share. The firm's revenue was up 20.8% compared to the same quarter last year. Equities analysts expect that Bank of Montreal will post 7.71 EPS for the current year.

Bank of Montreal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Tuesday, April 29th will be issued a dividend of $1.1094 per share. This represents a $4.44 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Tuesday, April 29th. Bank of Montreal's payout ratio is 63.18%.

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.