Van ECK Associates Corp Purchases 1,088 Shares of Bank of Montreal (NYSE:BMO)

Van ECK Associates Corp increased its stake in shares of Bank of Montreal (NYSE:BMO – Get Rating) (TSE:BMO) by 6.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,961 shares of the bank’s stock after acquiring an additional 1,088 shares during the quarter. Van ECK Associates Corp’s holdings in Bank of Montreal were worth $1,660,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake in Bank of Montreal by 114.7% during the second quarter. Goldman Sachs Group Inc. now owns 2,987,436 shares of the bank’s stock worth $287,302,000 after buying an additional 1,595,950 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Bank of Montreal by 82.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,404,661 shares of the bank’s stock worth $400,992,000 after buying an additional 1,541,161 shares in the last quarter. Vanguard Group Inc. boosted its stake in Bank of Montreal by 6.1% during the first quarter. Vanguard Group Inc. now owns 22,478,058 shares of the bank’s stock worth $2,651,736,000 after buying an additional 1,293,280 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Bank of Montreal by 8.8% during the third quarter. Mackenzie Financial Corp now owns 12,281,455 shares of the bank’s stock worth $1,075,216,000 after buying an additional 992,014 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in Bank of Montreal by 6.7% during the second quarter. Toronto Dominion Bank now owns 7,772,620 shares of the bank’s stock worth $748,757,000 after buying an additional 485,542 shares in the last quarter. Institutional investors own 42.78% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on BMO shares. Credit Suisse Group started coverage on shares of Bank of Montreal in a research note on Monday, December 19th. They issued an “outperform” rating on the stock. BMO Capital Markets boosted their target price on shares of Bank of Montreal from C$148.00 to C$151.00 in a research note on Friday, December 2nd. Bank Of America (Bofa) downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating in a research note on Monday, December 12th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating in a research note on Monday, December 12th. Finally, StockNews.com upgraded shares of Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Wednesday, December 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $159.75.

Bank of Montreal Stock Up 0.7 %

Shares of NYSE BMO opened at $97.95 on Friday. The firm’s 50-day simple moving average is $94.53 and its 200 day simple moving average is $94.67. The company has a market cap of $68.88 billion, a price-to-earnings ratio of 6.31, a price-to-earnings-growth ratio of 1.46 and a beta of 1.13. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.13. Bank of Montreal has a 12-month low of $81.57 and a 12-month high of $122.77.

Bank of Montreal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 28th. Shareholders of record on Monday, January 30th will be issued a dividend of $1.0548 per share. The ex-dividend date is Friday, January 27th. This represents a $4.22 annualized dividend and a yield of 4.31%. Bank of Montreal’s dividend payout ratio is currently 26.27%.

Bank of Montreal Company 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.

Further Reading

Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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