Geode Capital Management LLC Purchases 307,466 Shares of Bank of Montreal (NYSE:BMO)

Geode Capital Management LLC grew its position in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 10.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,321,849 shares of the bank's stock after acquiring an additional 307,466 shares during the period. Geode Capital Management LLC owned 0.46% of Bank of Montreal worth $303,130,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. D.A. Davidson & CO. increased its position in Bank of Montreal by 1.3% in the 3rd quarter. D.A. Davidson & CO. now owns 8,602 shares of the bank's stock valued at $776,000 after acquiring an additional 113 shares during the period. Signaturefd LLC raised its position in Bank of Montreal by 1.5% during the 2nd quarter. Signaturefd LLC now owns 8,581 shares of the bank's stock worth $720,000 after purchasing an additional 123 shares during the last quarter. Boltwood Capital Management lifted its holdings in Bank of Montreal by 3.1% during the 3rd quarter. Boltwood Capital Management now owns 4,125 shares of the bank's stock worth $372,000 after buying an additional 125 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Bank of Montreal by 4.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank's stock valued at $300,000 after buying an additional 151 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of Bank of Montreal by 17.9% in the 2nd quarter. Whittier Trust Co. now owns 1,092 shares of the bank's stock valued at $92,000 after buying an additional 166 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company's stock.

Bank of Montreal Stock Performance

NYSE BMO traded down $0.28 on Friday, hitting $99.02. 401,132 shares of the stock traded hands, compared to its average volume of 890,818. The firm has a market capitalization of $72.25 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.42 and a beta of 1.10. The business's fifty day moving average is $94.24 and its two-hundred day moving average is $88.59. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a 12 month low of $76.98 and a 12 month high of $104.63.

Bank of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Investors of record on Thursday, January 30th will be paid a $1.1329 dividend. This represents a $4.53 dividend on an annualized basis and a yield of 4.58%. This is a positive change from Bank of Montreal's previous quarterly dividend of $1.12. The ex-dividend date is Thursday, January 30th. Bank of Montreal's payout ratio is currently 67.34%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BMO shares. Barclays lowered their target price on shares of Bank of Montreal from $132.00 to $126.00 and set an "overweight" rating for the company in a research note on Wednesday, August 28th. StockNews.com raised Bank of Montreal from a "sell" rating to a "hold" rating in a research note on Monday, December 9th. TD Securities cut Bank of Montreal from a "buy" rating to a "hold" rating in a research note on Tuesday, August 27th. Cibc World Mkts raised Bank of Montreal from a "hold" rating to a "strong-buy" rating in a research note on Friday, December 6th. Finally, CIBC upgraded shares of Bank of Montreal from a "neutral" rating to a "sector outperform" rating in a research note on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $122.40.

Bank of Montreal Profile

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.