Bank Of Montreal (NYSE:BMO) Shares Purchased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. increased its holdings 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,131 shares of the bank's stock after acquiring an additional 5,191 shares during the period. Bank Of Montreal comprises approximately 2.1% of Lorne Steinberg Wealth Management Inc.'s portfolio, making the stock its 18th biggest 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.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Bank Of Montreal in the 4th quarter worth approximately $1,014,633,000. The Manufacturers Life Insurance Company raised its position in shares of Bank Of Montreal by 42.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 6,838,171 shares of the bank's stock worth $664,742,000 after acquiring an additional 2,044,862 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Bank Of Montreal by 15.4% in the 4th quarter. Mackenzie Financial Corp now owns 12,215,628 shares of the bank's stock worth $1,184,636,000 after acquiring an additional 1,630,962 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Bank Of Montreal by 1,527.7% in the 4th quarter. Federated Hermes Inc. now owns 1,160,494 shares of the bank's stock worth $112,626,000 after acquiring an additional 1,089,199 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Bank Of Montreal by 8.6% during the fourth quarter. Toronto Dominion Bank now owns 12,833,065 shares of the bank's stock valued at $1,244,284,000 after purchasing an additional 1,020,712 shares in the last quarter. 45.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Bank Of Montreal Price Performance

Shares of NYSE BMO traded down $0.82 during midday trading on Tuesday, reaching $106.12. 417,939 shares of the stock traded hands, compared to its average volume of 829,281. Bank Of Montreal has a one year low of $76.98 and a one year high of $109.10. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00. The company's 50 day moving average is $100.34 and its 200 day moving average is $98.91. The stock has a market capitalization of $76.62 billion, a PE ratio of 13.76, a P/E/G ratio of 1.18 and a beta of 1.08.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its quarterly earnings data on Wednesday, May 28th. The bank reported $1.84 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.84. Bank Of Montreal had a net margin of 10.25% and a return on equity of 10.15%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter last year, the firm earned $2.59 earnings per share. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts anticipate that Bank Of Montreal will post 7.71 earnings per share for the current 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. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.11. The ex-dividend date is Wednesday, July 30th. This represents a $4.72 dividend on an annualized basis and a yield of 4.45%. Bank Of Montreal's payout ratio is 57.33%.

About Bank Of Montreal

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.