Creative Planning raised its holdings in shares of Bank of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 12.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,106 shares of the bank’s stock after buying an additional 2,629 shares during the period. Creative Planning’s holdings in Bank of Montreal were worth $2,087,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Naples Global Advisors LLC increased its stake in shares of Bank of Montreal by 2.8% in the first quarter. Naples Global Advisors LLC now owns 14,987 shares of the bank’s stock worth $1,335,000 after purchasing an additional 415 shares in the last quarter. Sigma Planning Corp purchased a new stake in shares of Bank of Montreal in the first quarter worth $250,000. Park National Corp OH increased its stake in shares of Bank of Montreal by 5.8% in the second quarter. Park National Corp OH now owns 2,735 shares of the bank’s stock worth $247,000 after purchasing an additional 150 shares in the last quarter. Power Corp of Canada increased its stake in shares of Bank of Montreal by 1.1% in the fourth quarter. Power Corp of Canada now owns 21,542 shares of the bank’s stock worth $1,950,000 after purchasing an additional 228 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. boosted its position in shares of Bank of Montreal by 10.0% during the first quarter. Pinnacle Financial Partners Inc. now owns 158,738 shares of the bank’s stock worth $14,145,000 after acquiring an additional 14,438 shares during the last quarter. 43.89% of the stock is owned by hedge funds and other institutional investors.
Bank of Montreal Price Performance
BMO stock opened at $82.44 on Thursday. Bank of Montreal has a 52 week low of $78.50 and a 52 week high of $102.79. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $85.04 and a two-hundred day simple moving average of $87.73. The firm has a market capitalization of $59.43 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 1.33 and a beta of 1.14.
Bank of Montreal Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Monday, October 30th will be given a dividend of $1.11 per share. The ex-dividend date is Friday, October 27th. This represents a $4.44 annualized dividend and a yield of 5.39%. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.09. Bank of Montreal’s dividend payout ratio (DPR) is 58.81%.
Analyst Upgrades and Downgrades
BMO has been the subject of a number of research reports. Barclays upped their target price on shares of Bank of Montreal from $123.00 to $131.00 and gave the stock an “overweight” rating in a research report on Monday, August 21st. StockNews.com initiated coverage on shares of Bank of Montreal in a research report on Thursday, October 5th. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $139.25.
Check Out Our Latest Stock Report on Bank of Montreal
Bank of Montreal Profile
Bank of Montreal provides diversified financial services primarily in North America. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, 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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