Posted by MarketBeat News on Jun 17th, 2024
Trust Co. of Vermont cut its stake in Bank of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 12.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,598 shares of the bank’s stock after selling 520 shares during the period. Trust Co. of Vermont’s holdings in Bank of Montreal were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Corient Private Wealth LLC increased its position in Bank of Montreal by 72.6% in the fourth quarter. Corient Private Wealth LLC now owns 32,603 shares of the bank’s stock worth $3,226,000 after buying an additional 13,718 shares during the period. Bank of Nova Scotia Trust Co. increased its position in Bank of Montreal by 3.3% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 463,792 shares of the bank’s stock worth $45,888,000 after buying an additional 14,735 shares during the period. Triasima Portfolio Management inc. increased its position in Bank of Montreal by 18.9% in the fourth quarter. Triasima Portfolio Management inc. now owns 486,421 shares of the bank’s stock worth $48,219,000 after buying an additional 77,285 shares during the period. Studio Investment Management LLC increased its position in Bank of Montreal by 12,990.8% in the fourth quarter. Studio Investment Management LLC now owns 17,018 shares of the bank’s stock worth $1,684,000 after buying an additional 16,888 shares during the period. Finally, Intact Investment Management Inc. increased its position in Bank of Montreal by 12.9% in the fourth quarter. Intact Investment Management Inc. now owns 726,141 shares of the bank’s stock worth $71,852,000 after buying an additional 82,900 shares during the period. 45.82% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages have weighed in on BMO. Jefferies Financial Group started coverage on Bank of Montreal in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock. StockNews.com raised Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Sunday, March 3rd. Barclays started coverage on Bank of Montreal in a research note on Wednesday, March 20th. They issued an “overweight” rating for the company. Desjardins cut Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods cut Bank of Montreal from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $137.00 to $124.00 in a research note on Monday, June 3rd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.50.
Get Our Latest Analysis on Bank of Montreal
Bank of Montreal Price Performance
BMO stock traded up $0.16 during trading hours on Monday, hitting $83.75. 58,915 shares of the stock traded hands, compared to its average volume of 756,254. The stock has a 50-day simple moving average of $91.48 and a 200 day simple moving average of $93.13. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12. The company has a market cap of $61.07 billion, a P/E ratio of 13.89, a P/E/G ratio of 2.21 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.12.
Bank of Montreal Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, July 30th will be paid a dividend of $1.125 per share. The ex-dividend date is Tuesday, July 30th. This represents a $4.50 annualized dividend and a yield of 5.37%. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.12. Bank of Montreal’s dividend payout ratio (DPR) is currently 74.25%.
Bank of Montreal Company 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.
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Want to see what other hedge funds are holding BMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of Montreal (NYSE:BMO – Free Report) (TSE:BMO).
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