The Manufacturers Life Insurance Company Buys 114,909 Shares of Bank of Montreal (NYSE:BMO)

The Manufacturers Life Insurance Company boosted its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,793,309 shares of the bank’s stock after purchasing an additional 114,909 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Bank of Montreal were worth $432,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in shares of Bank of Montreal by 1.5% in the 2nd quarter. Signaturefd LLC now owns 8,581 shares of the bank’s stock valued at $720,000 after buying an additional 123 shares in the last quarter. Boltwood Capital Management lifted its position in Bank of Montreal by 3.1% during the third quarter. Boltwood Capital Management now owns 4,125 shares of the bank’s stock valued at $372,000 after acquiring an additional 125 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Bank of Montreal by 4.4% in the second quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock valued at $300,000 after acquiring an additional 151 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in 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 acquiring an additional 160 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in Bank of Montreal by 17.9% in the second quarter. Whittier Trust Co. now owns 1,092 shares of the bank’s stock worth $92,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank of Montreal Stock Up 0.7 %

BMO stock opened at $95.57 on Tuesday. The company has a market capitalization of $69.73 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 2.57 and a beta of 1.10. Bank of Montreal has a 12 month low of $76.98 and a 12 month high of $100.12. The firm’s fifty day simple moving average is $92.05 and its 200-day simple moving average is $88.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly 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 during the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted $2.08 earnings per share. As a group, equities research analysts forecast that Bank of Montreal will post 7.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Jefferies Financial Group downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Scotiabank downgraded Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $123.00 to $112.00 in a report on Wednesday, August 28th. TD Securities downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Barclays dropped their target price on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. Finally, Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $134.00 to $117.00 in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $119.75.

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.