Investors Buy Bank of Montreal (BMO) on Weakness
Investors purchased shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) on weakness during trading hours on Tuesday. $46.34 million flowed into the stock on the tick-up and $5.04 million flowed out of the stock on the tick-down, for a money net flow of $41.30 million into the stock. Of all companies tracked, Bank of Montreal had the 10th highest net in-flow for the day. Bank of Montreal traded down ($0.43) for the day and closed at $76.35
Several research firms have recently commented on BMO. Cormark lowered shares of Bank of Montreal from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $115.00 to $109.00 in a report on Wednesday, December 5th. Zacks Investment Research upgraded shares of Bank of Montreal from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a report on Monday, March 4th. Barclays restated a “hold” rating on shares of Bank of Montreal in a report on Tuesday, December 4th. TD Securities restated a “hold” rating on shares of Bank of Montreal in a report on Monday, December 10th. Finally, Canaccord Genuity restated a “buy” rating on shares of Bank of Montreal in a report on Thursday, November 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $105.33.
The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $49.05 billion, a P/E ratio of 11.02, a PEG ratio of 2.13 and a beta of 1.18.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Wednesday, May 1st will be given a $0.762 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.05 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.75. Bank of Montreal’s payout ratio is presently 43.63%.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc grew its position in shares of Bank of Montreal by 2.7% in the 3rd quarter. Vanguard Group Inc now owns 16,878,668 shares of the bank’s stock worth $1,392,996,000 after buying an additional 444,234 shares during the last quarter. Toronto Dominion Bank grew its position in shares of Bank of Montreal by 3.5% in the 4th quarter. Toronto Dominion Bank now owns 14,272,847 shares of the bank’s stock worth $934,664,000 after buying an additional 476,562 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Bank of Montreal by 18.4% in the 4th quarter. Mackenzie Financial Corp now owns 8,071,323 shares of the bank’s stock worth $527,461,000 after buying an additional 1,251,940 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Bank of Montreal by 2.2% in the 4th quarter. Bank of Nova Scotia now owns 7,756,827 shares of the bank’s stock worth $506,908,000 after buying an additional 164,518 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Bank of Montreal by 3.3% in the 4th quarter. Acadian Asset Management LLC now owns 7,352,895 shares of the bank’s stock worth $480,159,000 after buying an additional 237,961 shares during the last quarter. 43.73% of the stock is currently owned by hedge funds and other institutional investors.
Bank of Montreal Company Profile (NYSE:BMO)
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. 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, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.
Further Reading: Trading Ex-Dividend
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