Lorne Steinberg Wealth Management Inc. Boosts Stake in Bank Of Montreal (NYSE:BMO)

Lorne Steinberg Wealth Management Inc. increased its position in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 7.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 74,131 shares of the bank's stock after acquiring an additional 5,191 shares during the quarter. Bank Of Montreal comprises 2.1% of Lorne Steinberg Wealth Management Inc.'s investment portfolio, making the stock its 18th largest holding. Lorne Steinberg Wealth Management Inc.'s holdings in Bank Of Montreal were worth $7,086,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in Bank Of Montreal by 6.0% in the 4th quarter. Bank of New York Mellon Corp now owns 708,767 shares of the bank's stock worth $68,786,000 after purchasing an additional 40,135 shares during the period. American Century Companies Inc. boosted its stake in Bank Of Montreal by 8.0% during the fourth quarter. American Century Companies Inc. now owns 194,218 shares of the bank's stock worth $18,855,000 after acquiring an additional 14,351 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Bank Of Montreal by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,716 shares of the bank's stock valued at $185,694,000 after buying an additional 64,799 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in Bank Of Montreal by 58.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,618 shares of the bank's stock valued at $448,000 after acquiring an additional 1,703 shares in the last quarter. Finally, Cary Street Partners Financial LLC purchased a new position in Bank Of Montreal in the 4th quarter worth about $380,000. Institutional investors own 45.82% of the company's stock.

Bank Of Montreal Trading Down 0.0%

Bank Of Montreal stock traded down $0.01 during midday trading on Thursday, reaching $106.20. The stock had a trading volume of 397,768 shares, compared to its average volume of 827,914. Bank Of Montreal has a 52-week low of $76.98 and a 52-week high of $109.10. The company has a fifty day moving average of $100.92 and a 200 day moving average of $99.01. The firm has a market cap of $76.69 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last posted its quarterly earnings results on Wednesday, May 28th. The bank reported $1.84 EPS for the quarter, hitting analysts' consensus estimates of $1.84. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The firm had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $8.79 billion. During the same period in the prior year, the business posted $2.59 earnings per share. The business's revenue for the quarter was up 8.8% on a year-over-year basis. On average, analysts anticipate that Bank Of Montreal will post 7.71 earnings per share for the current fiscal year.

Bank Of Montreal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Wednesday, July 30th will be paid a $1.1801 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This is a positive change from Bank Of Montreal's previous quarterly dividend of $1.11. This represents a $4.72 dividend on an annualized basis and a yield of 4.44%. Bank Of Montreal's dividend payout ratio is 61.48%.

Analyst Upgrades and Downgrades

BMO has been the topic of several recent research reports. Royal Bank Of Canada increased their price target on shares of Bank Of Montreal from $161.00 to $163.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Scotiabank initiated coverage on Bank Of Montreal in a report on Thursday, May 15th. They set a "sector perform" rating on the stock. Wall Street Zen raised Bank Of Montreal from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. CIBC reiterated a "neutral" rating on shares of Bank Of Montreal in a research report on Tuesday, May 20th. Finally, Cibc World Mkts cut shares of Bank Of Montreal from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Bank Of Montreal has a consensus rating of "Hold" and an average target price of $129.50.

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.