Addenda Capital Inc. Purchases 104,490 Shares of Bank of Montreal (NYSE:BMO)

Addenda Capital Inc. increased its position in Bank of Montreal (NYSE:BMO - Free Report) TSE: BMO by 14.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 848,655 shares of the bank's stock after buying an additional 104,490 shares during the period. Bank of Montreal accounts for about 4.0% of Addenda Capital Inc.'s investment portfolio, making the stock its 4th biggest position. Addenda Capital Inc. owned about 0.12% of Bank of Montreal worth $83,966,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Financial Partners Inc raised its position in Bank of Montreal by 4.2% during the third quarter. Pinnacle Financial Partners Inc now owns 171,717 shares of the bank's stock valued at $14,488,000 after purchasing an additional 6,901 shares during the period. BKM Wealth Management LLC purchased a new stake in Bank of Montreal during the fourth quarter valued at approximately $93,000. Mackenzie Financial Corp raised its position in Bank of Montreal by 0.5% during the third quarter. Mackenzie Financial Corp now owns 13,757,010 shares of the bank's stock valued at $1,102,086,000 after purchasing an additional 69,009 shares during the period. Schechter Investment Advisors LLC raised its position in Bank of Montreal by 3.8% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,161 shares of the bank's stock valued at $313,000 after purchasing an additional 116 shares during the period. Finally, Vanguard Group Inc. raised its position in Bank of Montreal by 1.8% during the third quarter. Vanguard Group Inc. now owns 27,191,193 shares of the bank's stock valued at $2,294,121,000 after purchasing an additional 468,761 shares during the period. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Montreal Trading Down 0.3 %

NYSE:BMO traded down $0.31 during midday trading on Thursday, hitting $96.59. The stock had a trading volume of 858,640 shares, compared to its average volume of 682,667. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12. The company has a market capitalization of $70.43 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.85 and a beta of 1.13. The stock has a 50-day moving average of $94.15 and a 200 day moving average of $89.05. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.12.

Bank of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings data on Tuesday, February 27th. The bank reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.24 by ($0.34). Bank of Montreal had a return on equity of 11.89% and a net margin of 7.40%. The firm had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $6.34 billion. As a group, sell-side analysts forecast that Bank of Montreal will post 8.94 EPS for the current year.

Bank of Montreal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, April 29th will be given a dividend of $1.1172 per share. This represents a $4.47 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend is Friday, April 26th. This is a boost from Bank of Montreal's previous quarterly dividend of $1.11. Bank of Montreal's dividend payout ratio (DPR) is 62.02%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BMO. Barclays began coverage on Bank of Montreal in a research note on Wednesday, March 20th. They set an "overweight" rating on the stock. StockNews.com raised Bank of Montreal from a "sell" rating to a "hold" rating in a research note on Sunday, March 3rd. Jefferies Financial Group began coverage on Bank of Montreal in a research note on Thursday, February 22nd. They set a "buy" rating on the stock. Bank of America raised Bank of Montreal from a "neutral" rating to a "buy" rating in a research note on Monday, December 18th. Finally, National Bank Financial raised Bank of Montreal from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Bank of Montreal currently has an average rating of "Moderate Buy" and a consensus price target of $131.00.

About Bank of Montreal

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.