Cardinal Capital Management 13F: Cuts BMO Stake by $2.6M

Cardinal Capital Management trimmed its position in Bank of Montreal (NYSE: BMO) by selling 15,436 shares during the period. The fund disclosed the move in an October 16, 2026 filing with the Securities and Exchange Commission.

BMO Bank of Montreal

$166.02 ▲ +27.49% year to date

1M 3M YTD

Daily close · Oct 19, 2026

What Changed in Cardinal Capital Management's Bank of Montreal Position

Cardinal Capital Management lowered its holdings by 1.5%, bringing its total stake down to 983,830 shares. The remaining shares were valued at about $164.9 million based on the filing details. Before this adjustment, the fund held 999,266 shares.

Other Institutional Activity in Bank of Montreal

Other large investors also adjusted their positions in the bank recently. Intech Investment Management reduced its holdings by 46,067 shares, ending with 187,747 shares worth about $33.2 million. Royal Bank of Canada trimmed its stake by 431,312 shares to finish with 52,167,653 shares valued at roughly $8.66 billion. Bank of Montreal /CAN/ grew its holdings by 131,584 shares, ending with 28,128,121 shares worth about $4.67 billion. TD Asset Management, Inc cut its position by 3,853,764 shares, leaving it with 15,233,725 shares valued at approximately $2.53 billion. CIBC World Market, Inc. reduced its stake by 775,353 shares to end with 12,410,915 shares worth about $2.06 billion.

Bank of Montreal Stock Down 4.9%

Bank of Montreal shares recently traded around $166.02 as of October 20, 2026. That puts the stock down about 0.6% compared to its closing price of $167.07 on the October 16 filing date. The bank has a beta of 1.128, indicating a slightly higher volatility than the broader market.

Recent Earnings

Bank of Montreal reported trailing twelve-month revenue of $35.67 billion and earnings of $8.78 per share. The financial institution posted a net margin of 25.7% and a return on equity of 10.6%. The company's next earnings report is scheduled for December 2, 2026.

Dividend

The bank pays an annual dividend rate of $4.96 per share, with a payout ratio of 54.4%.

About Bank of Montreal

Bank of Montreal is a major financial services provider operating across North America. The company serves retail, commercial, and institutional clients through its personal and commercial banking units in Canada and the United States, alongside wealth management and capital markets operations. Institutional portfolio adjustments like Cardinal Capital's filing offer a window into how major managers handle their financial sector allocations.

Bottom Line

Investors will look to the bank's upcoming earnings report on December 2, 2026, for fresh details on revenue growth and profit margins. Monitoring subsequent SEC filings will show whether other major funds follow Cardinal Capital's lead in trimming their exposure.