Voloridge Investment Management LLC Lowers Holdings in Bank of Montreal (NYSE:BMO)

Voloridge Investment Management LLC reduced its stake in shares of Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 11.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 656,919 shares of the bank's stock after selling 84,553 shares during the period. Voloridge Investment Management LLC owned approximately 0.09% of Bank of Montreal worth $63,754,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BMO. Norges Bank bought a new position in shares of Bank of Montreal during the 4th quarter valued at $1,014,633,000. The Manufacturers Life Insurance Company boosted its position in Bank of Montreal by 42.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock valued at $664,742,000 after buying an additional 2,044,862 shares during the period. Federated Hermes Inc. grew its stake in shares of Bank of Montreal by 1,527.7% during the fourth quarter. Federated Hermes Inc. now owns 1,160,494 shares of the bank's stock valued at $112,626,000 after buying an additional 1,089,199 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Bank of Montreal by 8.6% during the fourth quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock valued at $1,244,284,000 after buying an additional 1,020,712 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Bank of Montreal by 29.4% in the fourth quarter. Geode Capital Management LLC now owns 4,297,626 shares of the bank's stock worth $422,450,000 after buying an additional 975,777 shares during the period. Institutional investors own 45.82% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BMO shares. Wall Street Zen upgraded Bank of Montreal from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Cibc World Mkts cut Bank of Montreal from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. CIBC reiterated a "neutral" rating on shares of Bank of Montreal in a research report on Tuesday, May 20th. Royal Bank of Canada upped their target price on Bank of Montreal from $161.00 to $163.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. Finally, Scotiabank initiated coverage on Bank of Montreal in a research note on Thursday, May 15th. They issued a "sector perform" rating for the company. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Bank of Montreal currently has a consensus rating of "Hold" and a consensus price target of $128.40.

Bank of Montreal Stock Up 0.3%

Shares of NYSE:BMO traded up $0.26 during trading on Monday, hitting $103.90. The stock had a trading volume of 554,398 shares, compared to its average volume of 849,417. The company has a market capitalization of $75.23 billion, a PE ratio of 14.89, a PEG ratio of 1.43 and a beta of 1.03. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The firm's fifty day moving average is $96.36 and its 200 day moving average is $97.45. Bank of Montreal has a 12 month low of $76.98 and a 12 month high of $106.00.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last issued its quarterly earnings results on Tuesday, February 25th. The bank reported $3.04 earnings per share for the quarter, topping the consensus estimate of $1.68 by $1.36. The company had revenue of $9.27 billion for the quarter, compared to analysts' expectations of $8.58 billion. Bank of Montreal had a return on equity of 10.18% and a net margin of 9.22%. The firm's revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.56 earnings per share. Analysts anticipate that Bank of Montreal will post 7.71 EPS for the current fiscal year.

Bank of Montreal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Tuesday, April 29th will be given a $1.1094 dividend. This represents a $4.44 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date is Tuesday, April 29th. Bank of Montreal's dividend payout ratio is presently 57.35%.

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.