Envestnet Asset Management Inc. Has $5.32 Million Holdings in Bank of Montreal (NYSE:BMO)

Envestnet Asset Management Inc. increased its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 0.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 63,454 shares of the bank’s stock after purchasing an additional 495 shares during the period. Envestnet Asset Management Inc.’s holdings in Bank of Montreal were worth $5,321,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Wealthspire Advisors LLC acquired a new position in Bank of Montreal in the 2nd quarter worth $522,000. DekaBank Deutsche Girozentrale lifted its position in Bank of Montreal by 5.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 152,263 shares of the bank’s stock worth $12,635,000 after buying an additional 7,356 shares in the last quarter. American Century Companies Inc. lifted its position in Bank of Montreal by 23.6% during the 2nd quarter. American Century Companies Inc. now owns 164,531 shares of the bank’s stock worth $13,810,000 after buying an additional 31,374 shares in the last quarter. Trifecta Capital Advisors LLC lifted its position in Bank of Montreal by 62.6% during the 2nd quarter. Trifecta Capital Advisors LLC now owns 3,738 shares of the bank’s stock worth $313,000 after buying an additional 1,439 shares in the last quarter. Finally, AGF Management Ltd. lifted its position in Bank of Montreal by 2.0% during the 2nd quarter. AGF Management Ltd. now owns 1,799,287 shares of the bank’s stock worth $158,840,000 after buying an additional 34,667 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on BMO. Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $123.00 to $112.00 in a research report on Wednesday, August 28th. Royal Bank of Canada cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods cut shares of Bank of Montreal from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $137.00 to $124.00 in a research report on Monday, June 3rd. TD Securities cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, UBS Group began coverage on shares of Bank of Montreal in a research note on Tuesday, July 2nd. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $119.75.

Bank of Montreal Stock Performance

Shares of NYSE BMO opened at $90.21 on Tuesday. 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 12 month low of $73.98 and a 12 month high of $100.12. The stock has a 50 day moving average of $85.16 and a 200-day moving average of $88.61. The company has a market capitalization of $65.79 billion, a P/E ratio of 14.99, a P/E/G ratio of 2.48 and a beta of 1.11.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued 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 business had revenue of $8.21 billion for the quarter, compared to the consensus estimate of $8.25 billion. Bank of Montreal had a return on equity of 11.23% and a net margin of 8.50%. The business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.08 earnings per share. As a group, equities research analysts predict that Bank of Montreal will post 8.06 EPS for the current year.

Bank of Montreal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Wednesday, October 30th will be paid a $1.123 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $4.49 annualized dividend and a yield of 4.98%. Bank of Montreal’s dividend payout ratio (DPR) is presently 76.25%.

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.