Creative Planning Buys 4,918 Shares of Bank of Montreal (NYSE:BMO)

Creative Planning boosted its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 16.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,231 shares of the bank’s stock after purchasing an additional 4,918 shares during the quarter. Creative Planning’s holdings in Bank of Montreal were worth $3,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Cardinal Capital Management Inc. boosted its stake in Bank of Montreal by 4.9% in the 3rd quarter. Cardinal Capital Management Inc. now owns 1,298,627 shares of the bank’s stock worth $117,326,000 after purchasing an additional 60,155 shares during the period. Annex Advisory Services LLC raised its holdings in shares of Bank of Montreal by 16.0% in the 3rd quarter. Annex Advisory Services LLC now owns 2,810 shares of the bank’s stock valued at $253,000 after acquiring an additional 387 shares in the last quarter. Perfromance Wealth Partners LLC purchased a new stake in shares of Bank of Montreal in the 3rd quarter valued at about $226,000. CWM LLC raised its holdings in shares of Bank of Montreal by 54.0% in the 3rd quarter. CWM LLC now owns 1,318 shares of the bank’s stock valued at $119,000 after acquiring an additional 462 shares in the last quarter. Finally, Atomi Financial Group Inc. raised its holdings in shares of Bank of Montreal by 23.4% in the 3rd quarter. Atomi Financial Group Inc. now owns 3,908 shares of the bank’s stock valued at $353,000 after acquiring an additional 740 shares in the last quarter. Institutional investors own 45.82% of the company’s stock.

Bank of Montreal Stock Performance

Shares of NYSE BMO opened at $92.77 on Friday. The stock has a market cap of $67.66 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 2.47 and a beta of 1.11. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. Bank of Montreal has a 1-year low of $73.98 and a 1-year high of $100.12. The stock’s 50-day moving average is $88.49 and its 200 day moving average is $88.18.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly 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 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 the consensus estimate of $8.25 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. Bank of Montreal’s revenue was up .2% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of Montreal will post 8.06 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors 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 annualized dividend and a yield of 4.84%. Bank of Montreal’s payout ratio is 76.08%.

Wall Street Analyst Weigh In

Several research firms have weighed in on BMO. UBS Group began coverage on Bank of Montreal in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their price target for the company from $134.00 to $117.00 in a report on Wednesday, August 28th. Jefferies Financial Group cut 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 company from $123.00 to $112.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada cut Bank of Montreal from an “outperform” rating to a “sector perform” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $119.75.

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.