Bank Of Montreal (NYSE:BMO) Shares Cross Above 50-Day Moving Average – Here’s What Happened

Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s share price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $170.63 and traded as high as $172.34. Bank Of Montreal shares last traded at $172.1120, with a volume of 395,280 shares trading hands.

Analyst Ratings Changes

BMO has been the subject of a number of research analyst reports. Weiss Ratings lowered Bank Of Montreal from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, October 14th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Bank Of Montreal in a research report on Thursday, August 27th. TD Securities restated a “buy” rating on shares of Bank Of Montreal in a report on Wednesday, August 12th. Barclays restated an “underweight” rating on shares of Bank Of Montreal in a report on Friday, August 21st. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bank Of Montreal has an average rating of “Hold” and an average price target of $244.00.

Bank Of Montreal Stock Performance

The business’s 50-day moving average is $170.63 and its 200-day moving average is $159.26.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Tuesday, August 25th. The bank reported $2.84 EPS for the quarter, topping the consensus estimate of $2.71 by $0.13. The business had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the previous year, the firm earned $3.23 EPS. The company’s revenue was up 10.1% on a year-over-year basis. As a group, equities analysts anticipate that Bank Of Montreal will post 10.65 earnings per share for the current year.

Bank Of Montreal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 26th. Shareholders of record on Friday, October 30th will be paid a dividend of C$1.71 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.0%.

Hedge Funds Weigh In On Bank Of Montreal

Large investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new stake in shares of Bank Of Montreal in the 2nd quarter worth approximately $1,281,220,000. TD Waterhouse Canada Inc. increased its position in Bank Of Montreal by 0.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 6,371,237 shares of the bank’s stock valued at $1,057,374,000 after buying an additional 20,334 shares in the last quarter. Caisse de depot et placement du Quebec bought a new position in Bank Of Montreal during the 2nd quarter valued at approximately $957,549,000. Bank of Nova Scotia purchased a new position in Bank Of Montreal during the second quarter valued at $920,002,000. Finally, Legal & General Group Plc purchased a new position in Bank Of Montreal during the second quarter valued at $744,214,000. 45.82% of the stock is currently owned by hedge funds and other institutional investors.

About Bank Of Montreal

Bank of Montreal, operating under the BMO Financial Group brand, is a diversified financial services company headquartered in Toronto, Canada. Founded in 1817, it is one of Canada’s oldest banks and serves individual, business, institutional and government customers.

BMO provides personal banking products such as deposit accounts, mortgages, consumer loans, credit cards and investment services. Its commercial banking operations offer lending, treasury management and other financial solutions to small and medium-sized businesses and larger corporate clients.

Through its wealth management business, BMO provides investment management, financial planning, private banking and brokerage services.