Bank of Montreal (NYSE:BMO) Short Interest Update

Bank of Montreal (NYSE:BMO) (TSE:BMO) was the target of a large drop in short interest in July. As of July 15th, there was short interest totalling 6,020,000 shares, a drop of 11.5% from the June 30th total of 6,800,000 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 835,600 shares, the days-to-cover ratio is currently 7.2 days.

Hedge funds and other institutional investors have recently modified their holdings of the company. Hanson & Doremus Investment Management bought a new position in shares of Bank of Montreal in the 1st quarter valued at about $25,000. MBE Wealth Management LLC bought a new position in shares of Bank of Montreal in the 1st quarter valued at about $27,000. Exchange Traded Concepts LLC boosted its stake in shares of Bank of Montreal by 4,972.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 558 shares of the bank’s stock valued at $28,000 after purchasing an additional 547 shares during the last quarter. Ballast Advisors LLC bought a new position in shares of Bank of Montreal in the 1st quarter valued at about $28,000. Finally, Cerebellum GP LLC bought a new position in shares of Bank of Montreal in the 2nd quarter valued at about $31,000. 41.01% of the stock is currently owned by institutional investors.

BMO opened at $55.52 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $35.70 billion, a PE ratio of 8.93, a PEG ratio of 2.37 and a beta of 1.11. Bank of Montreal has a 1-year low of $38.31 and a 1-year high of $79.93. The firm has a 50-day moving average price of $54.37 and a two-hundred day moving average price of $57.99.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Wednesday, May 27th. The bank reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.10. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.99 billion. Bank of Montreal had a net margin of 13.51% and a return on equity of 11.85%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.30 EPS. On average, research analysts predict that Bank of Montreal will post 4.96 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Tuesday, August 4th will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 5.48%. The ex-dividend date of this dividend is Monday, August 3rd. Bank of Montreal’s dividend payout ratio (DPR) is presently 42.82%.

BMO has been the subject of a number of recent analyst reports. BMO Capital Markets cut shares of Bank of Montreal from an “outperform” rating to a “sector perform” rating and set a $75.00 target price for the company. in a research report on Wednesday, May 27th. Bank of America increased their target price on shares of Bank of Montreal from $53.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 13th. Zacks Investment Research upgraded shares of Bank of Montreal from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research report on Tuesday, July 28th. Canaccord Genuity increased their target price on shares of Bank of Montreal from $73.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Barclays dropped their target price on shares of Bank of Montreal from $69.00 to $67.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $77.90.

Bank of Montreal Company Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.

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