Janney Montgomery Scott LLC increased its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,680 shares of the bank’s stock after acquiring an additional 1,574 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Bank of Montreal were worth $1,566,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of BMO. CIBC Asset Management Inc increased its holdings in Bank of Montreal by 32.5% in the 3rd quarter. CIBC Asset Management Inc now owns 7,059,573 shares of the bank’s stock worth $532,857,000 after acquiring an additional 1,731,928 shares in the last quarter. Public Sector Pension investment Board increased its holdings in Bank of Montreal by 13,359.7% in the 2nd quarter. Public Sector Pension investment Board now owns 1,291,596 shares of the bank’s stock worth $94,699,000 after acquiring an additional 1,282,000 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Bank of Montreal by 123.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,405,000 shares of the bank’s stock worth $103,154,000 after acquiring an additional 776,318 shares in the last quarter. Scotia Capital Inc. increased its holdings in Bank of Montreal by 50.2% in the 2nd quarter. Scotia Capital Inc. now owns 2,271,198 shares of the bank’s stock worth $166,780,000 after acquiring an additional 758,940 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Bank of Montreal by 5.4% in the 2nd quarter. Vanguard Group Inc. now owns 14,592,498 shares of the bank’s stock worth $1,071,673,000 after acquiring an additional 748,173 shares in the last quarter. 42.83% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on BMO. Scotiabank reaffirmed a “buy” rating and set a $112.00 target price on shares of Bank of Montreal in a report on Wednesday, November 22nd. Macquarie began coverage on shares of Bank of Montreal in a report on Tuesday, October 24th. They set a “neutral” rating and a $81.00 target price for the company. Canaccord Genuity reaffirmed a “hold” rating and set a $105.00 target price on shares of Bank of Montreal in a report on Tuesday, December 5th. Finally, Zacks Investment Research lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $98.20.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Thursday, February 1st will be issued a dividend of $0.733 per share. This is a positive change from Bank of Montreal’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.93 dividend on an annualized basis and a dividend yield of 3.73%. Bank of Montreal’s dividend payout ratio is presently 46.45%.
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Bank of Montreal Profile
Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.
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