Bank Of Montreal (NYSE:BMO) Sees Unusually-High Trading Volume – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO) shares saw unusually-strong trading volume on Wednesday . Approximately 2,596,078 shares changed hands during trading, an increase of 226% from the previous session’s volume of 796,293 shares.The stock last traded at $177.2680 and had previously closed at $180.63.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Bank Of Montreal in a report on Thursday, May 28th. Zacks Research cut shares of Bank Of Montreal from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Raymond James Financial restated an “outperform” rating on shares of Bank Of Montreal in a research note on Tuesday, May 12th. Desjardins reaffirmed a “hold” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Finally, TD Securities reaffirmed a “buy” rating on shares of Bank Of Montreal in a research report on Thursday, May 28th. Five investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $163.00.

Bank Of Montreal Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.02 and a current ratio of 1.02. The business has a fifty day moving average of $172.27 and a two-hundred day moving average of $153.45. The firm has a market capitalization of $125.20 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 0.98 and a beta of 0.93.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.14. Bank Of Montreal had a net margin of 12.60% and a return on equity of 13.04%. The company had revenue of $7.04 billion for the quarter, compared to analyst estimates of $6.98 billion. During the same period in the prior year, the firm earned $2.62 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts predict that Bank Of Montreal will post 11.82 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Thursday, July 30th will be given a $1.71 dividend. The ex-dividend date of this dividend is Thursday, July 30th. This is a boost from Bank Of Montreal’s previous quarterly dividend of $1.67. This represents a $6.84 dividend on an annualized basis and a dividend yield of 3.8%. Bank Of Montreal’s dividend payout ratio (DPR) is presently 51.06%.

Hedge Funds Weigh In On Bank Of Montreal

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Bank Of Montreal by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 33,017,205 shares of the bank’s stock valued at $4,287,878,000 after purchasing an additional 673,248 shares during the period. TD Asset Management Inc raised its position in shares of Bank Of Montreal by 1.5% in the fourth quarter. TD Asset Management Inc now owns 19,372,601 shares of the bank’s stock valued at $2,519,180,000 after buying an additional 293,575 shares in the last quarter. FIL Ltd boosted its stake in shares of Bank Of Montreal by 15.2% in the fourth quarter. FIL Ltd now owns 9,445,162 shares of the bank’s stock valued at $1,226,622,000 after buying an additional 1,245,500 shares during the period. Norges Bank acquired a new stake in Bank Of Montreal during the fourth quarter worth approximately $1,059,320,000. Finally, Geode Capital Management LLC increased its stake in Bank Of Montreal by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,030,219 shares of the bank’s stock worth $932,242,000 after acquiring an additional 442,812 shares during the period. 45.82% of the stock is currently owned by institutional investors and hedge funds.

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.