CIBC Asset Management Inc lessened its holdings in shares of Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) by 8.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,062,681 shares of the bank’s stock after selling 715,521 shares during the period. Bank of Montreal accounts for approximately 3.1% of CIBC Asset Management Inc’s holdings, making the stock its 4th biggest position. CIBC Asset Management Inc owned 1.19% of Bank of Montreal worth $709,666,000 at the end of the most recent quarter.
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Other hedge funds have also recently modified their holdings of the company. Creative Planning increased its position in shares of Bank of Montreal by 31.8% during the 3rd quarter. Creative Planning now owns 16,730 shares of the bank’s stock valued at $1,466,000 after purchasing an additional 4,038 shares during the last quarter. Duality Advisers LP bought a new position in Bank of Montreal in the 3rd quarter worth approximately $499,000. The Manufacturers Life Insurance Company boosted its stake in Bank of Montreal by 55.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,813,386 shares of the bank’s stock worth $425,995,000 after purchasing an additional 1,718,244 shares during the period. Five Oceans Advisors boosted its position in shares of Bank of Montreal by 37.1% during the 3rd quarter. Five Oceans Advisors now owns 3,724 shares of the bank’s stock valued at $326,000 after acquiring an additional 1,008 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in shares of Bank of Montreal during the 3rd quarter valued at approximately $30,000. Institutional investors own 42.78% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. BMO Capital Markets decreased their price target on Bank of Montreal from C$151.00 to C$147.50 in a report on Thursday. StockNews.com upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a report on Wednesday, December 7th. Bank of America lowered Bank of Montreal from a “buy” rating to a “neutral” rating in a research note on Monday, December 12th. Credit Suisse Group began coverage on Bank of Montreal in a research note on Monday, December 19th. They issued an “outperform” rating on the stock. Finally, Bank Of America (Bofa) lowered Bank of Montreal from a “buy” rating to a “neutral” rating in a research note on Monday, December 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $159.31.
Bank of Montreal Stock Up 0.5 %
NYSE BMO traded up $0.44 during trading on Friday, hitting $98.00. The company’s stock had a trading volume of 9,804 shares, compared to its average volume of 539,061. The business’s 50 day simple moving average is $94.71 and its 200-day simple moving average is $94.72. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $68.93 billion, a PE ratio of 6.28, a P/E/G ratio of 1.48 and a beta of 1.13. Bank of Montreal has a fifty-two week low of $81.57 and a fifty-two week high of $122.77.
Bank of Montreal Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 28th. Shareholders of record on Monday, January 30th will be paid a dividend of $1.0548 per share. This represents a $4.22 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Friday, January 27th. Bank of Montreal’s dividend payout ratio (DPR) is currently 26.27%.
Bank of Montreal Profile
(Get Rating)
Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company’s personal banking products and services include checking and savings accounts, credit cards, mortgages, personal loans, small business lending, cash management, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products for small business and commercial banking customers.
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