Aigen Investment Management LP Purchases New Position in Bank of Montreal (NYSE:BMO)

Aigen Investment Management LP bought a new stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,933 shares of the bank’s stock, valued at approximately $355,000.

A number of other institutional investors also recently 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 valued at $34,000. Rothschild Investment LLC bought a new position in Bank of Montreal during the 2nd quarter worth about $40,000. GHP Investment Advisors Inc. raised its stake in shares of 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 purchasing an additional 393 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Bank of Montreal by 34.6% in the first quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after purchasing an additional 160 shares in the last quarter. Finally, Blue Trust Inc. grew 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 in the last quarter. Institutional investors own 45.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BMO shares. StockNews.com downgraded Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $134.00 to $117.00 in a research note on Wednesday, August 28th. Scotiabank downgraded Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $123.00 to $112.00 in a research report on Wednesday, August 28th. Jefferies Financial Group cut Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Barclays dropped their price objective 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of Montreal has an average rating of “Hold” and a consensus target price of $119.75.

Bank of Montreal Stock Performance

BMO opened at $93.18 on Friday. 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 business has a 50 day moving average of $90.66 and a 200-day moving average of $88.14. Bank of Montreal has a 12-month low of $76.98 and a 12-month high of $100.12. The stock has a market cap of $67.98 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 2.40 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $8.25 billion. During the same quarter in the prior year, the business posted $2.08 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities research analysts expect that Bank of Montreal will post 8 earnings per share for the current year.

Bank of Montreal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be issued a dividend of $1.123 per share. This represents a $4.49 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Wednesday, October 30th. Bank of Montreal’s dividend payout ratio is presently 72.13%.

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.