Harbour Investments Inc. Has $622,000 Stake in Bank of Montreal (NYSE:BMO)

Harbour Investments Inc. lifted its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 10.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,897 shares of the bank’s stock after acquiring an additional 641 shares during the period. Harbour Investments Inc.’s holdings in Bank of Montreal were worth $622,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of Montreal in the 2nd quarter worth approximately $34,000. Rothschild Investment LLC bought a new position in Bank of Montreal in the second quarter worth $40,000. GHP Investment Advisors Inc. boosted its stake in Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock worth $50,000 after buying an additional 393 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock valued at $56,000 after buying an additional 160 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Bank of Montreal by 207.8% in the 3rd quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock valued at $56,000 after buying an additional 451 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BMO has been the topic of a number of analyst reports. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Jefferies Financial Group lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Bank of America downgraded Bank of Montreal from a “buy” rating to a “neutral” rating and cut their target price for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. Scotiabank cut Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $123.00 to $112.00 in a research 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 equities 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $119.75.

Bank of Montreal Price Performance

Shares of BMO stock opened at $93.18 on Friday. The stock’s fifty day moving average is $90.66 and its 200-day moving average is $88.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a 52 week low of $76.98 and a 52 week high of $100.12. The stock has a market capitalization of $67.98 billion, a PE ratio of 14.79, a PEG ratio of 2.40 and a beta of 1.10.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Tuesday, August 27th. The bank reported $2.64 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 the consensus estimate of $8.25 billion. During the same period in the prior year, the company earned $2.08 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Equities research analysts expect that Bank of Montreal will post 8 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

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

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.