Curi RMB Capital LLC Invests $204,000 in Bank of Montreal (NYSE:BMO)

Curi RMB Capital LLC purchased a new stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,264 shares of the bank’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BMO. Pinnacle Financial Partners Inc lifted its holdings in shares of Bank of Montreal by 0.4% in the third quarter. Pinnacle Financial Partners Inc now owns 177,888 shares of the bank’s stock valued at $16,045,000 after purchasing an additional 774 shares in the last quarter. Aigen Investment Management LP acquired a new position in Bank of Montreal during the third quarter valued at $355,000. Harbour Investments Inc. lifted its stake in Bank of Montreal by 10.2% in the 3rd quarter. Harbour Investments Inc. now owns 6,897 shares of the bank’s stock worth $622,000 after acquiring an additional 641 shares in the last quarter. Entropy Technologies LP acquired a new stake in Bank of Montreal during the 3rd quarter worth about $2,686,000. Finally, Patten & Patten Inc. TN purchased a new position in Bank of Montreal during the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank of Montreal Price Performance

NYSE BMO opened at $93.18 on Friday. The firm has a market cap of $67.98 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 2.40 and a beta of 1.10. The stock’s 50-day moving average is $90.88 and its two-hundred day moving average is $88.16. Bank of Montreal has a fifty-two week low of $76.98 and a fifty-two week high of $100.12. 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 earnings results on Tuesday, August 27th. The bank reported $2.64 earnings per share 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 during the quarter, compared to analyst estimates of $8.25 billion. During the same quarter last year, the firm posted $2.08 earnings per share. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts anticipate that Bank of Montreal will post 8 earnings per share for the current fiscal year.

Bank of Montreal Cuts Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on BMO shares. Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $123.00 to $112.00 in a report on Wednesday, August 28th. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Royal Bank of Canada downgraded Bank of Montreal from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of Montreal presently has a consensus rating of “Hold” and a consensus 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.