Bank of Montreal (TSE:BMO) Shares Cross Above Fifty Day Moving Average After Analyst Downgrade

Bank of Montreal (TSE:BMO) (NYSE:BMO)’s share price passed above its 50 day moving average during trading on Monday after Cibc World Mkts upgraded the stock from a hold rating to a strong-buy rating. The stock has a 50 day moving average of C$167.61 and traded as high as C$181.00. Bank of Montreal shares last traded at C$180.48, with a volume of 2,598,678 shares changing hands.

Several other equities analysts have also recently issued reports on BMO. Royal Bank Of Canada raised their price target on Bank of Montreal from C$161.00 to C$168.00 and gave the company an “outperform” rating in a report on Wednesday, August 27th. Jefferies Financial Group raised their price target on Bank of Montreal from C$164.00 to C$173.00 in a report on Wednesday, August 27th. UBS Group decreased their price target on Bank of Montreal from C$160.00 to C$145.00 in a report on Thursday, May 22nd. CIBC upgraded Bank of Montreal from a “neutral” rating to an “outperform” rating and raised their price target for the company from C$173.00 to C$180.00 in a report on Friday, September 5th. Finally, National Bankshares raised their price target on Bank of Montreal from C$161.00 to C$173.00 in a report on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of C$167.00.

Insider Transactions at Bank of Montreal

In other Bank of Montreal news, insider Steven Lloyd Tennyson sold 9,072 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of C$163.89, for a total transaction of C$1,486,782.86. Following the transaction, the insider owned 21,866 shares in the company, valued at approximately C$3,583,553.14. This trade represents a 29.32% decrease in their ownership of the stock. Also, insider Alan Tannenbaum sold 9,824 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of C$175.12, for a total value of C$1,720,408.35. In the last 90 days, insiders have sold 35,883 shares of company stock worth $5,989,740. Company insiders own 0.03% of the company’s stock.

Bank of Montreal Trading Up 0.3%

The firm has a market cap of C$129.28 billion, a P/E ratio of 15.82, a PEG ratio of 0.71 and a beta of 1.35. The company has a fifty day moving average price of C$167.61 and a two-hundred day moving average price of C$151.30.

Bank of Montreal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Thursday, October 30th. Bank of Montreal’s payout ratio is 55.74%.

About Bank of Montreal

Bank of Montreal is a diversified financial-services provider based in North America, operating four business segments: Canadian personal and commercial banking, U.S. P&C banking, wealth management, and capital markets.