PNC Financial Services Group Inc. cut its stake in Bank Of Montreal (NYSE:BMO – Free Report) (TSE:BMO) by 12.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,606 shares of the bank’s stock after selling 3,446 shares during the period. PNC Financial Services Group Inc.’s holdings in Bank Of Montreal were worth $3,195,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Oslo Pensjonsforsikring AS acquired a new position in Bank Of Montreal in the first quarter valued at about $230,000. Andra AP fonden acquired a new stake in Bank Of Montreal during the first quarter worth about $3,979,000. Aldebaran Capital LLC acquired a new stake in Bank Of Montreal during the first quarter worth about $230,000. Dimensional Fund Advisors LP increased its holdings in Bank Of Montreal by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,688,644 shares of the bank’s stock valued at $499,186,000 after buying an additional 99,700 shares during the period. Finally, Parallel Advisors LLC increased its holdings in Bank Of Montreal by 5.5% in the 1st quarter. Parallel Advisors LLC now owns 2,912 shares of the bank’s stock valued at $394,000 after buying an additional 153 shares during the period. 45.82% of the stock is owned by institutional investors and hedge funds.
Bank Of Montreal Stock Up 1.2%
BMO stock opened at $180.65 on Wednesday. The firm has a 50-day moving average price of $171.55 and a 200-day moving average price of $152.82. Bank Of Montreal has a 12 month low of $109.64 and a 12 month high of $184.21. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $126.53 billion, a P/E ratio of 19.18, a price-to-earnings-growth ratio of 1.00 and a beta of 0.93.
Bank Of Montreal Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 3.8%. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. The ex-dividend date is Thursday, July 30th. Bank Of Montreal’s dividend payout ratio (DPR) is currently 50.96%.
Analyst Ratings Changes
Several brokerages have recently commented on BMO. Weiss Ratings cut shares of Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, July 23rd. Raymond James Financial reiterated an “outperform” rating on shares of Bank Of Montreal in a research report on Tuesday, May 12th. Scotiabank restated an “outperform” rating on shares of Bank Of Montreal in a research report on Tuesday, June 16th. Zacks Research cut Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Barclays reaffirmed an “underweight” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $163.00.
About Bank Of Montreal
Bank of Montreal (NYSE:BMO), commonly known as BMO Financial Group, is one of Canada’s largest and longest-established banks. Founded in Montreal and headquartered in Montreal, Quebec, the bank provides a broad range of financial services to retail, commercial, corporate and institutional clients. BMO is publicly listed in both Canada and the United States and operates under a consolidated financial services model that integrates banking, capital markets, wealth management and asset management activities.
BMO’s core businesses include personal and commercial banking—offering checking and savings accounts, lending, mortgages, and small-business services—alongside wealth management and private banking through its asset and investment management divisions.
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