Bank of Montreal (NYSE:BMO) Short Interest Update

The Bank of Montreal (NYSE:BMO) experienced a notable increase in short interest throughout November. By November 30th, the company reported a total short interest of 6,070,000 shares, which marked a rise of 10.0% from the 5,520,000 shares recorded on November 15th. Currently, approximately 0.8% of the company's total shares are sold short. With an average trading volume of 949,000 shares per day, the days-to-cover ratio stands at 6.4 days.

Institutional Investors and Bank of Montreal

Several hedge funds and institutional investors have recently altered their positions in the Bank of Montreal. Notably, Pathway Financial Advisers LLC significantly increased its stake by an impressive 2,701.7% during the third quarter. This means that Pathway Financial Advisers LLC now owns 30,454 shares of the bank's stock, worth about $2,747,000, after acquiring an additional 29,367 shares in the past quarter. Similarly, Newport Trust Company LLC grew its holdings in the bank by 1.1% in the second quarter, bringing its total to 1,411,695 shares valued at $118,371,000 after adding 14,809 more shares. Intact Investment Management Inc. also expanded its investment by 72.9% in the third quarter, holding now 588,209 shares worth about $53,082,000 after a purchase of 248,098 shares. Fiera Capital Corp increased its stake by 2.1% during the second quarter, with a total of 3,403,431 shares valued at $285,789,000, following an addition of 69,111 shares. Lastly, Cardinal Capital Management Inc. raised its stake by 4.9% in the third quarter, owning 1,298,627 shares worth $117,326,000 after an increase of 60,155 shares. Currently, institutional investors control approximately 45.82% of the bank's stock.

Current Stock Performance

On a recent trading day, shares of BMO fell by 0.3%, closing at $99.02. The trading volume reached 401,132 shares, which is lower than its average volume of 890,818. The company has recorded a 50-day moving average of $94.24 and a 200-day moving average of $88.58. Over the past year, the Bank of Montreal has seen its shares fall to a low of $76.98 and rise to a high of $104.63. The bank now has a market capitalization of $72.25 billion and displays a P/E ratio of 14.19 alongside a price-to-earnings-growth ratio of 1.42. Financial indicators highlight a current ratio of 0.98, a quick ratio of 0.98, and a debt-to-equity ratio of 0.11.

Dividend Increase Announcement

Recently, the Bank of Montreal declared an increase in its quarterly dividend, which is scheduled to be paid on February 26th. Investors recorded as of January 30th will receive a dividend of $1.1329 per share, marking an increase from the previous quarter's dividend of $1.12. The ex-dividend date is also January 30th. This announcement indicates an annualized dividend of $4.53, resulting in a yield of 4.58%. At present, the company's dividend payout ratio is 67.34%.

Analyst Ratings and Price Targets

Recent analyses from various brokerages have illuminated shifts in price targets for Bank of Montreal. Barclays downgraded its price target from $132.00 to $126.00 while maintaining an "overweight" rating in a note released on August 28th. TD Securities also downgraded the company from a "buy" to a "hold" rating on August 27th. However, Royal Bank of Canada revised its outlook, reissuing a "sector perform" rating with a revised price target of $133.00, up from $106.00, on December 6th. CIBC upgraded Bank of Montreal from a "neutral" to a "sector outperform" rating on the same day. Jefferies Financial Group downgraded the stock from a "buy" to a "hold" rating around the end of August. Currently, eight research analysts rate the stock as a hold, four as a buy, and one as a strong buy, resulting in a consensus rating of "Hold" and an average price target set at $122.40.

About Bank of Montreal

The Bank of Montreal provides diverse financial services primarily across North America. It operates through segments, including Canadian P&C, U.S. P&C, BMO Wealth Management, and BMO Capital Markets. Its personal banking offerings encompass deposits, mortgages, home loans, consumer credit, small business financing, credit cards, and investment advice, among other services. In the commercial sector, the bank delivers various financing options, treasury and payment solutions, and risk management services.

Bank, Montreal, Stocks