Toronto Dominion Bank Buys 1,534,508 Shares of Bank of Montreal (NYSE:BMO)

Toronto Dominion Bank increased its stake in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 14.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,812,353 shares of the bank’s stock after buying an additional 1,534,508 shares during the quarter. Bank of Montreal comprises 1.9% of Toronto Dominion Bank’s portfolio, making the stock its 10th largest position. Toronto Dominion Bank’s holdings in Bank of Montreal were worth $1,065,474,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Cetera Investment Advisers increased its stake in Bank of Montreal by 454.8% during the 1st quarter. Cetera Investment Advisers now owns 17,171 shares of the bank’s stock worth $1,677,000 after buying an additional 14,076 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Bank of Montreal by 4.4% in the second quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock worth $300,000 after acquiring an additional 151 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Bank of Montreal by 1.2% in the second quarter. Assenagon Asset Management S.A. now owns 20,965 shares of the bank’s stock valued at $1,759,000 after purchasing an additional 257 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Bank of Montreal during the 2nd quarter valued at approximately $100,000. Finally, SlateStone Wealth LLC increased its holdings in Bank of Montreal by 18.8% during the 2nd quarter. SlateStone Wealth LLC now owns 4,277 shares of the bank’s stock worth $359,000 after purchasing an additional 677 shares during the last quarter. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Montreal Stock Up 0.0 %

Shares of Bank of Montreal stock opened at $100.81 on Wednesday. The stock’s fifty day moving average is $93.54 and its 200-day moving average is $88.41. The firm has a market capitalization of $73.55 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 2.88 and a beta of 1.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. Bank of Montreal has a 12-month low of $76.98 and a 12-month high of $104.63.

Bank of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Investors of record on Thursday, January 30th will be paid a $1.1329 dividend. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.53 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is Thursday, January 30th. Bank of Montreal’s dividend payout ratio is currently 67.34%.

Analysts Set New Price Targets

Several equities analysts have recently commented on BMO shares. Bank of America cut Bank of Montreal from a “buy” rating to a “neutral” rating and reduced their target price for the company from $134.00 to $117.00 in a research note on Wednesday, August 28th. TD Securities lowered shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Barclays lowered their target price on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, August 28th. StockNews.com upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $133.00 target price (up from $106.00) on shares of Bank of Montreal in a research report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of Montreal has an average rating of “Hold” and an average target price of $122.40.

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.