Independence Bank of Kentucky Makes New Investment in Bank of Montreal (NYSE:BMO)

Independence Bank of Kentucky bought a new position in Bank of Montreal (NYSE:BMOFree Report) (TSE:BMO) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 600 shares of the bank’s stock, valued at approximately $59,000.

Several other large investors have also added to or reduced their stakes in the stock. DAVENPORT & Co LLC bought a new position in Bank of Montreal in the 4th quarter worth about $223,000. SNS Financial Group LLC bought a new position in Bank of Montreal in the 4th quarter worth about $204,000. Silverlake Wealth Management LLC boosted its stake in Bank of Montreal by 13.1% in the 4th quarter. Silverlake Wealth Management LLC now owns 5,022 shares of the bank’s stock worth $497,000 after purchasing an additional 580 shares during the period. Fifth Third Bancorp boosted its position in shares of Bank of Montreal by 6.9% during the 4th quarter. Fifth Third Bancorp now owns 2,599 shares of the bank’s stock valued at $257,000 after acquiring an additional 168 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Bank of Montreal by 36.7% during the fourth quarter. Pinnacle Associates Ltd. now owns 20,500 shares of the bank’s stock worth $2,028,000 after purchasing an additional 5,500 shares in the last quarter. Institutional investors own 45.82% of the company’s stock.

Analysts Set New Price Targets

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

View Our Latest Research Report on Bank of Montreal

Bank of Montreal Price Performance

Shares of BMO stock opened at $96.88 on Thursday. The stock has a market cap of $70.64 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.87 and a beta of 1.13. The business’s fifty day moving average is $94.15 and its 200 day moving average is $89.05. Bank of Montreal has a twelve month low of $73.98 and a twelve month high of $100.12. 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:BMOGet Free Report) (TSE:BMO) last issued its quarterly earnings results on Tuesday, February 27th. The bank reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.24 by ($0.34). The firm had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $6.34 billion. Bank of Montreal had a return on equity of 11.89% and a net margin of 7.40%. Research analysts expect that Bank of Montreal will post 8.94 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Investors of record on Monday, April 29th will be paid a $1.1172 dividend. This represents a $4.47 annualized dividend and a yield of 4.61%. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Friday, April 26th. Bank of Montreal’s dividend payout ratio is presently 62.02%.

About Bank of Montreal

(Free Report)

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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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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