Pinnacle Financial Partners Inc Cuts Stock Position in Bank of Montreal (NYSE:BMO)

Pinnacle Financial Partners Inc lowered its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 20.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 140,691 shares of the bank’s stock after selling 37,197 shares during the period. Pinnacle Financial Partners Inc’s holdings in Bank of Montreal were worth $13,654,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BMO. FDx Advisors Inc. purchased a new stake in shares of Bank of Montreal in the 4th quarter valued at $204,000. First Bank & Trust acquired a new position in Bank of Montreal during the fourth quarter worth $1,126,000. Wealth Alliance acquired a new position in Bank of Montreal during the fourth quarter worth $777,000. Cumberland Partners Ltd grew its holdings in shares of Bank of Montreal by 31.4% during the fourth quarter. Cumberland Partners Ltd now owns 13,902 shares of the bank’s stock worth $1,347,000 after buying an additional 3,319 shares in the last quarter. Finally, SNS Financial Group LLC purchased a new stake in shares of Bank of Montreal during the fourth quarter worth $200,000. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. 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. CIBC raised shares of Bank of Montreal from a “neutral” rating to a “sector outperform” rating in a research report on Friday, December 6th. StockNews.com cut shares of Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday. Royal Bank of Canada raised shares of Bank of Montreal from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $133.00 to $161.00 in a report on Wednesday, January 8th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of Montreal has a consensus rating of “Hold” and a consensus price target of $128.00.

Bank of Montreal Stock Down 0.4 %

Shares of Bank of Montreal stock opened at $100.53 on Friday. Bank of Montreal has a 12-month low of $76.98 and a 12-month high of $104.63. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $73.27 billion, a P/E ratio of 14.40, a PEG ratio of 1.43 and a beta of 1.09. The stock has a 50 day moving average price of $98.65 and a two-hundred day moving average price of $93.22.

Bank of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Investors of record on Thursday, January 30th will be given a $1.1329 dividend. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.12. This represents a $4.53 annualized dividend and a yield of 4.51%. The ex-dividend date is Thursday, January 30th. Bank of Montreal’s dividend payout ratio (DPR) is 63.18%.

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.