Bank of Montreal (NYSE:BMO – Get Free Report) (TSE:BMO) was the target of a significant growth in short interest in January. As of January 31st, there was short interest totalling 17,910,000 shares, a growth of 103.3% from the January 15th total of 8,810,000 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average daily trading volume, of 691,800 shares, the days-to-cover ratio is presently 25.9 days.
Analyst Ratings Changes
A number of research firms have commented on BMO. StockNews.com raised shares of Bank of Montreal from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. National Bank Financial raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating in a report on Wednesday, December 20th. Finally, Bank of America raised shares of Bank of Montreal from a “neutral” rating to a “buy” rating in a report on Monday, December 18th.
Bank of Montreal Stock Performance
Bank of Montreal (NYSE:BMO – Get Free Report) (TSE:BMO) last posted its earnings results on Friday, December 1st. The bank reported $2.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.07. The company had revenue of $6.16 billion for the quarter. Bank of Montreal had a return on equity of 12.55% and a net margin of 6.41%. Research analysts anticipate that Bank of Montreal will post 9.14 EPS for the current year.
Bank of Montreal Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Tuesday, January 30th will be paid a dividend of $1.1137 per share. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.11. This represents a $4.45 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend is Monday, January 29th. Bank of Montreal’s payout ratio is currently 103.59%.
Institutional Investors Weigh In On Bank of Montreal
A number of hedge funds and other institutional investors have recently modified their holdings of BMO. Canoe Financial LP raised its stake in shares of Bank of Montreal by 300,456.3% during the fourth quarter. Canoe Financial LP now owns 105,510,305 shares of the bank’s stock valued at $10,439,190,000 after purchasing an additional 105,475,200 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of Montreal during the fourth quarter valued at about $812,644,000. TD Asset Management Inc raised its stake in shares of Bank of Montreal by 19.9% during the fourth quarter. TD Asset Management Inc now owns 19,225,705 shares of the bank’s stock valued at $1,911,635,000 after purchasing an additional 3,187,998 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Bank of Montreal by 82.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,404,661 shares of the bank’s stock valued at $400,992,000 after purchasing an additional 1,541,161 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Bank of Montreal by 10.6% during the third quarter. Bank of Nova Scotia now owns 14,783,968 shares of the bank’s stock valued at $1,247,154,000 after purchasing an additional 1,417,298 shares in the last quarter. 43.89% of the stock is currently owned by institutional investors.
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.
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