CIBC Asset Management Inc Sells 256,929 Shares of Bank of Montreal (NYSE:BMO)

CIBC Asset Management Inc trimmed its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,371,405 shares of the bank’s stock after selling 256,929 shares during the quarter. Bank of Montreal accounts for 2.0% of CIBC Asset Management Inc’s holdings, making the stock its 11th biggest position. CIBC Asset Management Inc owned approximately 0.87% of Bank of Montreal worth $620,937,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of BMO. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Bank of Montreal by 261.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,249,552 shares of the bank’s stock worth $383,449,000 after acquiring an additional 3,074,389 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of Bank of Montreal by 14.9% during the 3rd quarter. Toronto Dominion Bank now owns 11,812,353 shares of the bank’s stock worth $1,065,474,000 after acquiring an additional 1,534,508 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Bank of Montreal during the 4th quarter worth approximately $760,000. FMR LLC grew its stake in shares of Bank of Montreal by 14.2% during the 3rd quarter. FMR LLC now owns 5,046,721 shares of the bank’s stock worth $455,397,000 after acquiring an additional 625,797 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Bank of Montreal by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,321,849 shares of the bank’s stock worth $303,130,000 after acquiring an additional 307,466 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Bank of Montreal Trading Up 0.6 %

Shares of Bank of Montreal stock opened at $101.08 on Monday. The business has a fifty day simple moving average of $98.57 and a two-hundred day simple moving average of $92.68. Bank of Montreal has a 1 year low of $76.98 and a 1 year high of $104.63. The company has a market capitalization of $73.79 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.40 and a beta of 1.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.98 and a quick ratio of 0.98.

Bank of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Thursday, January 30th will be issued a dividend of $1.1329 per share. The ex-dividend date of this dividend is Thursday, January 30th. This represents a $4.53 dividend on an annualized basis and a dividend yield of 4.48%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.12. Bank of Montreal’s dividend payout ratio (DPR) is currently 63.32%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Scotiabank raised shares of Bank of Montreal from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, December 6th. CIBC raised shares of Bank of Montreal from a “neutral” rating to a “sector outperform” rating in a research note on Friday, December 6th. Cibc World Mkts raised shares of Bank of Montreal from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. StockNews.com raised shares of Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Royal Bank of Canada raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $133.00 to $161.00 in a research note on Wednesday, January 8th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of Montreal currently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

About Bank of Montreal

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.