CIBC Asset Management Inc Has $620.94 Million Stock Position in Bank of Montreal (NYSE:BMO)

CIBC Asset Management Inc lessened its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.9% in the fourth quarter, Holdings Channel reports. The firm owned 6,371,405 shares of the bank’s stock after selling 256,929 shares during the quarter. Bank of Montreal accounts for about 2.0% of CIBC Asset Management Inc’s investment portfolio, making the stock its 11th largest position. CIBC Asset Management Inc’s holdings in Bank of Montreal were worth $620,937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in Bank of Montreal in the third quarter valued at about $45,000. GHP Investment Advisors Inc. grew its holdings in shares of Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock worth $50,000 after purchasing an additional 393 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Bank of Montreal by 207.8% during the third quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock worth $56,000 after purchasing an additional 451 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Bank of Montreal by 47.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 680 shares of the bank’s stock worth $66,000 after purchasing an additional 219 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in shares of Bank of Montreal during the fourth quarter worth about $76,000. Institutional investors and hedge funds own 45.82% of the company’s stock.

Bank of Montreal Price Performance

Shares of BMO opened at $101.08 on Monday. Bank of Montreal has a 52-week low of $76.98 and a 52-week high of $104.63. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98. The business’s 50 day moving average price is $98.57 and its two-hundred day moving average price is $92.68. The firm has a market cap of $73.79 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.40 and a beta of 1.09.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Thursday, January 30th will be paid a $1.1329 dividend. The ex-dividend date of this dividend is Thursday, January 30th. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.53 annualized dividend and a yield of 4.48%. Bank of Montreal’s payout ratio is 63.32%.

Wall Street Analysts Forecast Growth

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

Bank of Montreal Company Profile

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.