BMO Financial Group (NYSE:BMO) completed the acquisition of Clearpool Group

BMO Financial Group (NYSE:BMO) stock observed trading -37.46% off 52-week high price. On the other end, the stock has been noted 30.49% away from low price over the last 52-weeks. The stock disclosed a move of -21.16% away from 50 day moving average and -30.35% away from 200 day moving average. Moving closer, we can see that shares have been trading 6.43% off 20-day moving average. It has market cap of $32.46B and dividend yield of 6.38%.

On April 6, 2020, BMO Financial Group (NYSE:BMO) reported that it has completed the acquisition of Clearpool Group, a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer operating in the U.S. and Canada.

BMO announced the acquisition on January 22, 2020. The transaction delivers powerful new capabilities to BMO’s electronic trading platform. As the nature of equity trading shifts to increased emphasis on electronic trading, the acquisition of Clearpool demonstrates BMO’s commitment to delivering leading edge trading technology to its global client base.

Clearpool continues to be a separate broker-dealer with information barriers to secure clients’ confidential information.

The acquisition is not expected to have a significant impact on the financial results of the bank and will reduce CET1 ratio by approximately 10bps.

In connection with the transaction, BMO Capital Markets acted as financial advisor and Debevoise & Plimpton LLP and Osler, Hoskin & Harcourt LLP acted as legal counsel to BMO.  Financial Technology Partners acted as financial advisor and Morgan, Lewis, & Bockius LLP, Murphy & McGonigle and Stikeman Elliott LLP acted as legal counsel to Clearpool.

The Canada based company Bank of Montreal moved with change of 5.53% to $49.99 with the total traded volume of 822354 shares in recent session versus to an average volume of 925.55K. The stock was observed in the 5 days activity at 4.43%. The one month performance of stock was -20.58%. BMO’s shares are at -35.51% for the quarter and driving a -34.58% return over the course of the past year and is now at -35.50% since this point in 2018.  Right now the stock beta is 1.25. The average volatility for the week and month was at 4.69% and 8.10% respectively. There are 649.39M shares outstanding and 639.22M shares are floated in market.