CIBC Asset Management Inc lowered its stake in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,371,405 shares of the bank's stock after selling 256,929 shares during the period. Bank of Montreal accounts for 2.0% of CIBC Asset Management Inc's investment portfolio, making the stock its 11th biggest holding. CIBC Asset Management Inc owned approximately 0.87% of Bank of Montreal worth $620,937,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Toronto Dominion Bank increased its position in Bank of Montreal by 14.9% in the third quarter. Toronto Dominion Bank now owns 11,812,353 shares of the bank's stock worth $1,065,474,000 after buying an additional 1,534,508 shares during the last quarter. FMR LLC grew its stake in shares of Bank of Montreal by 14.2% during the 3rd quarter. FMR LLC now owns 5,046,721 shares of the bank's stock worth $455,397,000 after acquiring an additional 625,797 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Bank of Montreal by 2.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,793,309 shares of the bank's stock worth $432,823,000 after acquiring an additional 114,909 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Bank of Montreal by 261.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,249,552 shares of the bank's stock worth $383,449,000 after acquiring an additional 3,074,389 shares during the last quarter. Finally, Fiera Capital Corp raised its stake in Bank of Montreal by 7.2% in the 4th quarter. Fiera Capital Corp now owns 3,701,814 shares of the bank's stock valued at $358,991,000 after acquiring an additional 248,096 shares during the period. Institutional investors own 45.82% of the company's stock.
Bank of Montreal Trading Down 0.5 %
NYSE BMO traded down $0.46 during trading on Wednesday, hitting $100.88. 196,216 shares of the company's stock traded hands, compared to its average volume of 580,577. The stock has a fifty day moving average of $98.58 and a two-hundred day moving average of $92.96. Bank of Montreal has a 12-month low of $76.98 and a 12-month high of $104.63. The firm has a market cap of $73.53 billion, a P/E ratio of 14.44, a PEG ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.98 and a quick ratio of 0.98.
Bank of Montreal Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Thursday, January 30th will be given a $1.1329 dividend. The ex-dividend date of this dividend is Thursday, January 30th. This represents a $4.53 annualized dividend and a yield of 4.49%. This is an increase from Bank of Montreal's previous quarterly dividend of $1.12. Bank of Montreal's payout ratio is presently 63.32%.
Wall Street Analyst Weigh In
BMO has been the subject of several recent research reports. Royal Bank of Canada upgraded shares of Bank of Montreal from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $133.00 to $161.00 in a research note on Wednesday, January 8th. StockNews.com raised shares of Bank of Montreal from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Cibc World Mkts raised shares of Bank of Montreal from a "hold" rating to a "strong-buy" rating in a research note on Friday, December 6th. Scotiabank upgraded shares of Bank of Montreal from a "sector perform" rating to a "sector outperform" rating in a research report on Friday, December 6th. Finally, CIBC raised shares of Bank of Montreal from a "neutral" rating to a "sector outperform" rating in a report on Friday, December 6th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $128.00.
Read Our Latest Stock Report on Bank of Montreal
About Bank of Montreal
(
Free Report)
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.
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