Toronto Dominion Bank Increases Position in Bank of Montreal (BMO)
Toronto Dominion Bank boosted its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 2.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,796,285 shares of the bank’s stock after buying an additional 279,329 shares during the period. Bank of Montreal makes up 2.1% of Toronto Dominion Bank’s holdings, making the stock its 6th largest position. Toronto Dominion Bank’s holdings in Bank of Montreal were worth $1,138,908,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in BMO. BDO Wealth Advisors LLC acquired a new position in Bank of Montreal during the 2nd quarter valued at about $105,000. AdvisorNet Financial Inc increased its position in Bank of Montreal by 148.1% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,526 shares of the bank’s stock valued at $118,000 after buying an additional 911 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Bank of Montreal during the 3rd quarter valued at about $142,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Bank of Montreal during the 2nd quarter valued at about $155,000. Finally, Columbia Asset Management acquired a new position in Bank of Montreal during the 3rd quarter valued at about $161,000. 43.33% of the stock is currently owned by institutional investors.
Shares of BMO stock opened at $74.53 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $47.92 billion, a PE ratio of 11.94, a PEG ratio of 1.23 and a beta of 1.10. Bank of Montreal has a fifty-two week low of $73.79 and a fifty-two week high of $84.71.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Thursday, November 1st will be issued a $0.7386 dividend. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Wednesday, October 31st. Bank of Montreal’s dividend payout ratio is presently 46.79%.
A number of research analysts have recently weighed in on BMO shares. ValuEngine lowered Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Canaccord Genuity raised Bank of Montreal from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. Royal Bank of Canada raised Bank of Montreal from a “sector perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a report on Wednesday, July 18th. Finally, BMO Capital Markets raised Bank of Montreal to a “$78.97” rating in a report on Wednesday, July 18th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $106.50.
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Bank of Montreal Company Profile
Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, creditor insurance products, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers.
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