Independent Advisor Alliance Buys 4,384 Shares of Bank of Montreal (NYSE:BMO)

Independent Advisor Alliance grew its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 111.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,321 shares of the bank’s stock after acquiring an additional 4,384 shares during the period. Independent Advisor Alliance’s holdings in Bank of Montreal were worth $751,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. National Bank of Canada FI raised its position in 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 purchasing an additional 692,049 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in 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 worth $613,138,000 after acquiring an additional 463,924 shares during the period. JARISLOWSKY FRASER Ltd grew its holdings in Bank of Montreal by 36.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 5,239,662 shares of the bank’s stock worth $439,705,000 after acquiring an additional 1,412,532 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in 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 purchasing an additional 2,816,385 shares during the period. Finally, Fiera Capital Corp increased its position in Bank of Montreal by 1.5% during the 3rd quarter. Fiera Capital Corp now owns 3,453,718 shares of the bank’s stock valued at $312,054,000 after purchasing an additional 50,287 shares during the period. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BMO shares. StockNews.com downgraded shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Jefferies Financial Group downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $123.00 to $112.00 in a research note on Wednesday, August 28th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. Finally, Barclays lowered their price target on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Trading Up 0.6 %

Shares of NYSE:BMO opened at $95.00 on Thursday. The business’s 50-day moving average is $92.34 and its 200 day moving average is $88.29. Bank of Montreal has a 1 year low of $76.98 and a 1 year high of $100.12. The firm has a market capitalization of $69.31 billion, a P/E ratio of 14.96, a P/E/G ratio of 2.60 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last announced its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.12). Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. The business had revenue of $8.21 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. On average, research analysts predict that Bank of Montreal will post 7.37 earnings per share for the current fiscal year.

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.