First Trust Direct Indexing L.P. Has $690,000 Stock Holdings in Bank of Montreal (NYSE:BMO)

First Trust Direct Indexing L.P. trimmed its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,646 shares of the bank’s stock after selling 347 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Bank of Montreal were worth $690,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of Bank of Montreal by 1.5% during the 2nd quarter. Signaturefd LLC now owns 8,581 shares of the bank’s stock worth $720,000 after purchasing an additional 123 shares in the last quarter. Boltwood Capital Management grew its holdings in shares of Bank of Montreal by 3.1% during the 3rd quarter. Boltwood Capital Management now owns 4,125 shares of the bank’s stock worth $372,000 after purchasing an additional 125 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Bank of Montreal by 4.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after purchasing an additional 151 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Bank of Montreal by 34.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after purchasing an additional 160 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in shares of Bank of Montreal by 17.9% during the 2nd quarter. Whittier Trust Co. now owns 1,092 shares of the bank’s stock worth $92,000 after purchasing an additional 166 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Bank of Montreal Price Performance

Bank of Montreal stock opened at $90.76 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $66.21 billion, a PE ratio of 14.29, a P/E/G ratio of 2.53 and a beta of 1.10. Bank of Montreal has a 12 month low of $76.33 and a 12 month high of $100.12. The stock has a 50-day moving average price of $89.00 and a two-hundred day moving average price of $88.07.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its earnings results on Tuesday, August 27th. The bank reported $2.64 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.12). The firm had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a net margin of 8.50% and a return on equity of 11.23%. Bank of Montreal’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.08 earnings per share. Analysts expect that Bank of Montreal will post 8.06 EPS for the current year.

Bank of Montreal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Wednesday, October 30th will be given a dividend of $1.123 per share. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 dividend on an annualized basis and a dividend yield of 4.95%. Bank of Montreal’s dividend payout ratio (DPR) is 72.13%.

Analyst Ratings Changes

Several analysts have recently issued reports on BMO shares. TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $134.00 to $117.00 in a research note on Wednesday, August 28th. Barclays reduced 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. Scotiabank lowered Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $123.00 to $112.00 in a research note on Wednesday, August 28th. Finally, StockNews.com lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $119.75.

About Bank of Montreal

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.