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Bank of Montreal Can and Intact Investment Management Inc. increased their stakes in Lightspeed Commerce, with the former owning over 2 million shares and the latter nearly 1.7 million shares. Institutional investors hold 68.68% of the stock, which recently saw its price target cut by JPMorgan Chase & Co. from $13.00 to $10.00, reflecting a neutral rating. The stock traded down to $8.85, with analysts forecasting a modest earnings per share for the current fiscal year.
Bank of Montreal (TSE:BMO) received a price target increase from UBS Group, now set at C$160.00, indicating an 8.28% potential upside. Multiple analysts have raised their targets, with a consensus rating of "Moderate Buy" and an average target of C$149.31. The stock recently traded down 0.7% to C$147.77, with a market cap of C$107.03 billion.
Barclays (BCS) has outperformed its Finance sector peers this year, returning 18.1% compared to the sector's average of 4.3%. With a Zacks Rank of #1 (Strong Buy) and a 34.4% increase in full-year earnings estimates over the past 90 days, Barclays shows strong analyst sentiment. In the Banks - Foreign industry, it also surpasses the average gain of 9.2%, indicating solid performance alongside Bank of Montreal (BMO), which is up 6.1% year-to-date.
Martin Investment Management LLC increased its stake in Check Point Software Technologies, owning 163,357 shares valued at $31.5 million, while Chevy Chase Trust Holdings LLC raised its stake by 69.6%, now holding 23,351 shares worth $4.5 million. Institutional investors control 98.51% of the company, which specializes in IT security solutions. Recent analyst ratings show a "Hold" status, with price targets ranging from $195 to $255, as the stock trades around $218.69 after reporting quarterly earnings that met expectations.
JPMorgan Chase & Co. increased its stake in HSBC Holdings plc by 103.6% in Q3, now holding 56,860 shares valued at $2.57 million. Other institutional investors also boosted their positions significantly, with HSBC shares recently trading at $51.41, reflecting a 1.5% increase. The company announced a quarterly dividend of $0.50, yielding 3.89% annually.
The Bank of Montreal is a North American financial institution serving approximately 13 million customers through its three main operating groups: Personal and Commercial Banking, BMO Wealth Management, and BMO Capital Markets. It offers a comprehensive range of banking, wealth management, and investment services to individuals, families, entrepreneurs, and institutions across various markets.
Bank of Montreal shares experienced their largest surge since 2020, driven by renewed confidence in the bank's credit stability. Scotiabank's Meny Grauman upgraded the bank to sector outperform and raised the price target to C$160, while CIBC's Paul Holden also increased his rating to outperformer.
[Bloomberg](https://www.bloomberg.com) and [SEC]
BMO reported earnings of C$1.90 per share in its fiscal fourth quarter, falling short of the C$2.38 average estimate from analysts. The shortfall was attributed to significantly higher loan-loss provisions than anticipated.
Futures tied to Canada's main stock index were subdued as investors awaited earnings from major banks, with the TSX closing slightly higher. Bank of Montreal reported a drop in fourth-quarter profit due to increased loan loss provisions, while Canadian Imperial Bank of Commerce saw a profit rise. In economic news, Canada's merchandise trade deficit narrowed in October, and traders anticipate a rate cut by the Bank of Canada next week. Meanwhile, U.S. stock futures remained unchanged following a record day, with Bitcoin surpassing $100,000 for the first time.
Bank of Montreal
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
institutional investors increase stakes in lightspeed commerce amid mixed analyst ratings
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09:38 05.12.2024
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