Van ECK Associates Corp Has $17.76 Million Stock Position in Bank of Montreal (NYSE:BMO)

Van ECK Associates Corp raised its position in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 23.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 190,255 shares of the bank's stock after acquiring an additional 35,614 shares during the period. Van ECK Associates Corp's holdings in Bank of Montreal were worth $17,760,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BMO. Vanguard Group Inc. raised its holdings in Bank of Montreal by 1.9% during the first quarter. Vanguard Group Inc. now owns 28,617,952 shares of the bank's stock worth $2,795,402,000 after acquiring an additional 544,767 shares in the last quarter. National Bank of Canada FI boosted its holdings 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 worth $1,231,564,000 after buying an additional 692,049 shares during the period. 1832 Asset Management L.P. grew its position in shares of Bank of Montreal by 6.8% in the second quarter. 1832 Asset Management L.P. now owns 7,312,320 shares of the bank's stock valued at $613,138,000 after purchasing an additional 463,924 shares during the last quarter. JARISLOWSKY FRASER Ltd grew its holdings in Bank of Montreal by 36.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 5,239,662 shares of the bank's stock valued at $439,705,000 after buying an additional 1,412,532 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Bank of Montreal by 138.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,851,629 shares of the bank's stock worth $407,282,000 after buying an additional 2,816,385 shares in the last quarter. Institutional investors and hedge funds own 45.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Scotiabank lowered Bank of Montreal from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $123.00 to $112.00 in a research note on Wednesday, August 28th. Barclays decreased their price target on Bank of Montreal from $132.00 to $126.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 28th. TD Securities cut shares of Bank of Montreal from a "buy" rating to a "hold" rating in a research report on Tuesday, August 27th. Jefferies Financial Group lowered shares of Bank of Montreal from a "buy" rating to a "hold" rating in a report on Tuesday, August 27th. Finally, Royal Bank of Canada downgraded shares of Bank of Montreal from an "outperform" rating to a "sector perform" rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eight have given 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 an average price target of $119.75.

Bank of Montreal Price Performance

Shares of BMO stock traded up $1.87 on Wednesday, reaching $93.16. The company had a trading volume of 794,786 shares, compared to its average volume of 903,937. The business's 50-day moving average is $89.41 and its 200 day moving average is $88.07. Bank of Montreal has a one year low of $76.83 and a one year high of $100.12. 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 stock has a market capitalization of $67.96 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 2.33 and a beta of 1.10.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued 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). The company had revenue of $8.21 billion during the quarter, compared to analyst estimates of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The business's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 EPS. Equities research analysts forecast that Bank of Montreal will post 8 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. Shareholders of record on Wednesday, October 30th will be given a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a yield of 4.82%. Bank of Montreal's dividend payout ratio is presently 72.13%.

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.