Wellington Management Group LLP Acquires 55,823 Shares of Bank of Montreal (NYSE:BMO)

Wellington Management Group LLP grew its holdings in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 80.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 125,572 shares of the bank’s stock after purchasing an additional 55,823 shares during the period. Wellington Management Group LLP’s holdings in Bank of Montreal were worth $11,344,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BMO. Assenagon Asset Management S.A. boosted its stake in shares of Bank of Montreal by 1.2% in the second quarter. Assenagon Asset Management S.A. now owns 20,965 shares of the bank’s stock valued at $1,759,000 after buying an additional 257 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Bank of Montreal in the 2nd quarter valued at $100,000. SlateStone Wealth LLC lifted its position in shares of Bank of Montreal by 18.8% during the 2nd quarter. SlateStone Wealth LLC now owns 4,277 shares of the bank’s stock valued at $359,000 after acquiring an additional 677 shares during the period. Atomi Financial Group Inc. grew its holdings in shares of Bank of Montreal by 9.8% during the 2nd quarter. Atomi Financial Group Inc. now owns 3,168 shares of the bank’s stock worth $266,000 after purchasing an additional 283 shares in the last quarter. Finally, Harbour Investments Inc. grew its holdings in shares of Bank of Montreal by 4.8% during the 2nd quarter. Harbour Investments Inc. now owns 6,256 shares of the bank’s stock worth $525,000 after purchasing an additional 289 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. CIBC raised shares of Bank of Montreal from a “neutral” rating to a “sector outperform” rating in a research report on Friday, December 6th. Cibc World Mkts raised shares of Bank of Montreal from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. Scotiabank upgraded shares of Bank of Montreal from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, December 6th. Bank of America downgraded shares of Bank of Montreal from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $134.00 to $117.00 in a research report on Wednesday, August 28th. Finally, Jefferies Financial Group downgraded Bank of Montreal from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Eight equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of Montreal currently has a consensus rating of “Hold” and a consensus price target of $122.40.

Bank of Montreal Stock Down 0.3 %

Shares of BMO opened at $99.02 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98. Bank of Montreal has a 52 week low of $76.98 and a 52 week high of $104.63. The stock has a market capitalization of $72.25 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.42 and a beta of 1.10. The stock has a fifty day moving average of $94.24 and a 200-day moving average of $88.59.

Bank of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Thursday, January 30th will be given a $1.1329 dividend. The ex-dividend date of this dividend is Thursday, January 30th. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.53 annualized dividend and a yield of 4.58%. Bank of Montreal’s dividend payout ratio (DPR) is currently 67.34%.

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.