Keefe, Bruyette & Woods Downgrades Bank of Montreal (NYSE:BMO) to Market Perform

Keefe, Bruyette & Woods cut shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from an outperform rating to a market perform rating in a research report report published on Monday morning, Marketbeat Ratings reports. They currently have $124.00 target price on the bank’s stock, down from their previous target price of $137.00.

Several other equities research analysts have also issued reports on the stock. Desjardins lowered shares of Bank of Montreal from a buy rating to a hold rating in a research note on Wednesday, May 29th. Barclays began coverage on Bank of Montreal in a report on Wednesday, March 20th. They issued an overweight rating for the company. StockNews.com upgraded Bank of Montreal from a sell rating to a hold rating in a report on Sunday, March 3rd. Finally, Jefferies Financial Group initiated coverage on Bank of Montreal in a research note on Thursday, February 22nd. They issued a buy rating for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bank of Montreal currently has a consensus rating of Moderate Buy and an average target price of $127.50.

Bank of Montreal Price Performance

NYSE BMO opened at $86.53 on Monday. The firm’s 50 day moving average is $93.01 and its 200-day moving average is $92.82. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $63.10 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 2.31 and a beta of 1.12. Bank of Montreal has a 12-month low of $73.98 and a 12-month high of $100.12.

Bank of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, July 30th will be paid a dividend of $1.125 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.50 annualized dividend and a dividend yield of 5.20%. Bank of Montreal’s payout ratio is currently 74.25%.

Institutional Trading of Bank of Montreal

Institutional investors and hedge funds have recently bought and sold shares of the business. Canoe Financial LP increased its holdings in shares of Bank of Montreal by 300,456.3% during the 4th quarter. Canoe Financial LP now owns 105,510,305 shares of the bank’s stock worth $10,439,190,000 after acquiring an additional 105,475,200 shares during the last quarter. Norges Bank bought a new position in shares of Bank of Montreal in the fourth quarter valued at about $812,644,000. FIL Ltd lifted its stake in shares of Bank of Montreal by 138.3% during the 4th quarter. FIL Ltd now owns 9,872,642 shares of the bank’s stock worth $976,870,000 after buying an additional 5,729,145 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Bank of Montreal by 38.0% during the 1st quarter. National Bank of Canada FI now owns 14,069,787 shares of the bank’s stock worth $1,318,457,000 after buying an additional 3,874,573 shares during the period. Finally, TD Asset Management Inc grew its stake in Bank of Montreal by 19.9% in the 4th quarter. TD Asset Management Inc now owns 19,225,705 shares of the bank’s stock valued at $1,911,635,000 after buying an additional 3,187,998 shares during the last quarter. Institutional investors own 45.82% of the company’s stock.

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.