Bank Of Montreal (BMO) Stake Boosted by OMERS ADMINISTRATION Corp
OMERS ADMINISTRATION Corp raised its position in Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 22.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,879,097 shares of the bank’s stock after buying an additional 535,600 shares during the period. Bank Of Montreal makes up approximately 2.7% of OMERS ADMINISTRATION Corp’s investment portfolio, making the stock its 7th largest position. OMERS ADMINISTRATION Corp owned 0.44% of Bank Of Montreal worth $211,094,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of BMO. Hudock Capital Group LLC boosted its stake in shares of Bank Of Montreal by 0.3% in the second quarter. Hudock Capital Group LLC now owns 2,593 shares of the bank’s stock worth $190,000 after buying an additional 9 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Bank Of Montreal by 1.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,377 shares of the bank’s stock worth $103,000 after buying an additional 23 shares in the last quarter. Commerce Bank boosted its stake in shares of Bank Of Montreal by 1.2% in the first quarter. Commerce Bank now owns 3,244 shares of the bank’s stock worth $243,000 after buying an additional 37 shares in the last quarter. Johnson Financial Group Inc. boosted its stake in shares of Bank Of Montreal by 0.3% in the first quarter. Johnson Financial Group Inc. now owns 21,732 shares of the bank’s stock worth $1,625,000 after buying an additional 55 shares in the last quarter. Finally, Checchi Capital Advisers LLC boosted its stake in shares of Bank Of Montreal by 2.5% in the first quarter. Checchi Capital Advisers LLC now owns 2,920 shares of the bank’s stock worth $218,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 42.55% of the company’s stock.
Bank Of Montreal (NYSE BMO) traded down 0.49% during mid-day trading on Monday, hitting $73.64. 45,440 shares of the stock traded hands. The stock has a 50-day moving average of $74.90 and a 200 day moving average of $73.32. The firm has a market cap of $48.01 billion, a price-to-earnings ratio of 11.76 and a beta of 1.02. Bank Of Montreal has a 1-year low of $62.32 and a 1-year high of $78.00.
Bank Of Montreal declared that its Board of Directors has initiated a share buyback program on Friday, June 23rd that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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BMO has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Bank Of Montreal from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. TD Securities upgraded shares of Bank Of Montreal from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. They noted that the move was a valuation call. Royal Bank Of Canada reduced their target price on shares of Bank Of Montreal to $108.00 and set a “sector perform” rating for the company in a research note on Thursday, May 25th. Citigroup Inc. upgraded shares of Bank Of Montreal from a “neutral” rating to a “buy” rating in a research note on Thursday, May 18th. Finally, Canaccord Genuity initiated coverage on shares of Bank Of Montreal in a research note on Tuesday, July 18th. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $92.25.
Bank Of Montreal Company 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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