Raleigh Capital Management Inc. Buys Shares of 10,872 Bank of Montreal (NYSE:BMO)

Raleigh Capital Management Inc. purchased a new stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 10,872 shares of the bank’s stock, valued at approximately $1,055,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC raised its holdings in Bank of Montreal by 140.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 24,958 shares of the bank’s stock worth $2,422,000 after purchasing an additional 14,584 shares during the last quarter. Park Place Capital Corp acquired a new position in shares of Bank of Montreal during the 4th quarter worth $274,000. Atomi Financial Group Inc. raised its stake in shares of Bank of Montreal by 71.7% during the 4th quarter. Atomi Financial Group Inc. now owns 6,709 shares of the bank’s stock worth $651,000 after buying an additional 2,801 shares during the last quarter. Ballentine Partners LLC boosted its position in shares of Bank of Montreal by 10.9% in the 4th quarter. Ballentine Partners LLC now owns 3,242 shares of the bank’s stock worth $315,000 after buying an additional 319 shares in the last quarter. Finally, Addenda Capital Inc. grew its stake in Bank of Montreal by 5.5% in the 4th quarter. Addenda Capital Inc. now owns 760,614 shares of the bank’s stock valued at $73,818,000 after acquiring an additional 39,848 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. 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. CIBC raised Bank of Montreal from a “neutral” rating to a “sector outperform” rating in a research note on Friday, December 6th. Royal Bank of Canada raised Bank of Montreal from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $133.00 to $161.00 in a research report on Wednesday, January 8th. Cibc World Mkts upgraded Bank of Montreal from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. Finally, StockNews.com cut Bank of Montreal from a “hold” rating to a “sell” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $128.00.

Bank of Montreal Stock Performance

Bank of Montreal stock opened at $100.16 on Thursday. The stock has a fifty day moving average price of $97.11 and a 200 day moving average price of $91.04. Bank of Montreal has a 52 week low of $76.98 and a 52 week high of $104.63. The firm has a market capitalization of $73.11 billion, a P/E ratio of 14.35, a PEG ratio of 1.41 and a beta of 1.09. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.11.

Bank of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Thursday, January 30th will be issued a dividend of $1.1329 per share. This represents a $4.53 dividend on an annualized basis and a dividend yield of 4.52%. This is an increase from Bank of Montreal’s previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Thursday, January 30th. Bank of Montreal’s dividend payout ratio is presently 65.62%.

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.