Bank of Montreal (NYSE:BMO) Shares Gap Down – Here’s What Happened

Shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) gapped down before the market opened on Thursday . The stock had previously closed at $95.26, but opened at $91.28. Bank of Montreal shares last traded at $96.13, with a volume of 515,865 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have commented on BMO shares. Bank of America cut shares of Bank of Montreal from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $134.00 to $117.00 in a research report on Wednesday, August 28th. Barclays dropped their target price on shares of Bank of Montreal from $132.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. Scotiabank cut shares of Bank of Montreal from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $123.00 to $112.00 in a report on Wednesday, August 28th. StockNews.com cut Bank of Montreal from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Finally, TD Securities lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of Montreal currently has a consensus rating of “Hold” and an average target price of $119.75.

Bank of Montreal Stock Performance

The firm’s 50-day simple moving average is $92.90 and its two-hundred day simple moving average is $88.31. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $71.67 billion, a PE ratio of 15.00, a PEG ratio of 2.59 and a beta of 1.10.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BMO. Cetera Investment Advisers boosted its position in Bank of Montreal by 454.8% during the 1st quarter. Cetera Investment Advisers now owns 17,171 shares of the bank’s stock worth $1,677,000 after acquiring an additional 14,076 shares during the period. Cetera Advisors LLC increased its stake in Bank of Montreal by 171.3% in the 1st quarter. Cetera Advisors LLC now owns 6,261 shares of the bank’s stock valued at $612,000 after buying an additional 3,953 shares during the period. EverSource Wealth Advisors LLC lifted its position in Bank of Montreal by 34.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 623 shares of the bank’s stock worth $56,000 after buying an additional 160 shares in the last quarter. Ignite Planners LLC boosted its stake in shares of Bank of Montreal by 14.0% during the 2nd quarter. Ignite Planners LLC now owns 9,216 shares of the bank’s stock valued at $772,000 after buying an additional 1,132 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Bank of Montreal by 4.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,580 shares of the bank’s stock valued at $300,000 after acquiring an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 45.82% of the company’s stock.

Bank of Montreal Company Profile

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.