Bank of Montreal (BMO) Lifted to Hold at Zacks Investment Research

Bank of Montreal (NYSE:BMO) (TSE:BMO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, November 20th.

According to Zacks, “Bank of Montreal is one of the largest banks in North America, is also one of Canada’s oldest banks. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada-United States border. The bank offers to all of their clients not just financial products, but knowledge-based solutions, custom-made to add value in their financial affairs. “

A number of other analysts have also weighed in on the company. Macquarie started coverage on Bank of Montreal in a report on Tuesday, October 24th. They set a “neutral” rating and a $81.00 target price for the company. Scotiabank restated a “buy” rating and set a $101.00 target price on shares of Bank of Montreal in a report on Wednesday, August 30th. Canaccord Genuity set a $102.00 target price on Bank of Montreal and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, BidaskClub lowered Bank of Montreal from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Bank of Montreal presently has an average rating of “Hold” and an average target price of $98.20.

Shares of Bank of Montreal (NYSE BMO) traded up $0.63 during midday trading on Monday, hitting $78.68. The company had a trading volume of 733,157 shares, compared to its average volume of 426,510. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $50,803.72, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.06. Bank of Montreal has a 12-month low of $66.75 and a 12-month high of $79.02.

Hedge funds have recently modified their holdings of the company. Aperio Group LLC increased its position in shares of Bank of Montreal by 2.3% during the third quarter. Aperio Group LLC now owns 403,344 shares of the bank’s stock worth $30,537,000 after purchasing an additional 9,170 shares in the last quarter. USS Investment Management Ltd acquired a new position in shares of Bank of Montreal during the second quarter worth $6,314,000. Greystone Managed Investments Inc. increased its position in shares of Bank of Montreal by 16.9% during the third quarter. Greystone Managed Investments Inc. now owns 621,311 shares of the bank’s stock worth $46,912,000 after purchasing an additional 90,023 shares in the last quarter. Blair William & Co. IL increased its position in shares of Bank of Montreal by 6.5% during the second quarter. Blair William & Co. IL now owns 16,738 shares of the bank’s stock worth $1,229,000 after purchasing an additional 1,023 shares in the last quarter. Finally, Intact Investment Management Inc. increased its position in shares of Bank of Montreal by 106.6% during the second quarter. Intact Investment Management Inc. now owns 575,323 shares of the bank’s stock worth $54,782,000 after purchasing an additional 296,840 shares in the last quarter. 42.78% of the stock is currently owned by institutional investors and hedge funds.

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About Bank of Montreal

Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets.

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