Franklin Resources Inc. Purchases 5,821 Shares of Bank of Montreal (NYSE:BMO)

Franklin Resources Inc. raised its position in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 326,510 shares of the bank’s stock after purchasing an additional 5,821 shares during the quarter. Franklin Resources Inc.’s holdings in Bank of Montreal were worth $30,773,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL bought a new stake in Bank of Montreal during the second quarter valued at approximately $34,000. Rothschild Investment LLC purchased a new stake in shares of Bank of Montreal in the 2nd quarter worth $40,000. Wilmington Savings Fund Society FSB bought a new position in Bank of Montreal in the 3rd quarter worth $45,000. GHP Investment Advisors Inc. lifted its position in Bank of Montreal by 244.1% during the third quarter. GHP Investment Advisors Inc. now owns 554 shares of the bank’s stock valued at $50,000 after purchasing an additional 393 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Bank of Montreal by 207.8% during the third quarter. Blue Trust Inc. now owns 668 shares of the bank’s stock valued at $56,000 after purchasing an additional 451 shares during the period. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Barclays decreased their price objective on Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. Cibc World Mkts raised shares of Bank of Montreal from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. TD Securities cut shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Jefferies Financial Group downgraded shares of Bank of Montreal from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $133.00 target price (up previously from $106.00) on shares of Bank of Montreal in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $122.40.

Bank of Montreal Stock Down 2.5 %

Shares of BMO stock opened at $95.71 on Thursday. The company’s fifty day simple moving average is $94.67 and its two-hundred day simple moving average is $88.78. Bank of Montreal has a 52 week low of $76.98 and a 52 week high of $104.63. The stock has a market cap of $69.84 billion, a P/E ratio of 13.71, a PEG ratio of 1.42 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Investors of record on Thursday, January 30th will be given a $1.1329 dividend. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.53 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date is Thursday, January 30th. Bank of Montreal’s payout ratio is currently 67.34%.

Bank of Montreal 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.