Bank Of Montreal (NYSE:BMO) Shares Cross Above Fifty Day Moving Average – Here’s Why

Bank Of Montreal (NYSE:BMO) (TSE:BMO)’s stock price passed 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.

Analyst Ratings Changes

A number of research firms have recently issued reports on BMO. Keefe, Bruyette & Woods began coverage on shares of Bank Of Montreal in a report on Friday, August 21st. They set an “outperform” rating for the company. TD Securities reissued a “buy” rating on shares of Bank Of Montreal in a research note on Wednesday, August 12th. Barclays reissued an “underweight” rating on shares of Bank Of Montreal in a research note on Friday, August 21st. Scotiabank restated an “outperform” rating on shares of Bank Of Montreal in a research report on Wednesday, August 26th. Finally, Canadian Imperial Bank of Commerce lowered Bank Of Montreal from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, August 18th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $244.00.

Bank Of Montreal Trading Up 1.0%

The firm has a 50-day moving average of $170.63 and a 200-day moving average of $159.26.

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

Bank Of Montreal Dividend Announcement

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

Hedge Funds Weigh In On Bank Of Montreal

Hedge funds and other institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in Bank Of Montreal during the 2nd quarter valued at about $1,281,220,000. 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 stake in Bank Of Montreal in the 2nd quarter worth approximately $920,002,000. Legal & General Group Plc purchased a new stake in Bank Of Montreal in the 2nd quarter worth approximately $744,214,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Bank Of Montreal in the 2nd quarter worth approximately $677,074,000. 45.82% of the stock is owned by institutional investors.

Bank Of Montreal Company Profile

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.