Lorne Steinberg Wealth Management Inc. Has $10.20 Million Stock Holdings in Bank Of Montreal $BMO

Key Points

• Lorne Steinberg Wealth Management Inc. increased its holdings in Bank Of Montreal to $10.20 million, making it 10th in their investment portfolio.
• The Bank of Montreal announced a quarterly dividend payment of $1.63 per share, an increase from the prior dividend of $1.18, indicating a strong dividend yield of 5.2%.
• Analyst ratings for Bank Of Montreal are mixed, with one strong buy, three buy, and five hold ratings, reflecting a consensus rating of "Moderate Buy" and an average price target of $163.00.

Lorne Steinberg Wealth Management Inc. lifted its position in shares of Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 24.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,014 shares of the bank's stock after buying an additional 17,883 shares during the period. Bank Of Montreal comprises about 2.7% of Lorne Steinberg Wealth Management Inc.'s investment portfolio, making the stock its 10th largest holding. Lorne Steinberg Wealth Management Inc.'s holdings in Bank Of Montreal were worth $10,204,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. State of Wyoming boosted its position in shares of Bank Of Montreal by 237.4% during the first quarter. State of Wyoming now owns 14,254 shares of the bank's stock worth $1,361,000 after buying an additional 10,029 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Bank Of Montreal by 66.5% during the first quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank's stock worth $351,154,000 after buying an additional 1,469,084 shares during the period. Baskin Financial Services Inc. boosted its position in shares of Bank Of Montreal by 134.2% during the first quarter. Baskin Financial Services Inc. now owns 7,428 shares of the bank's stock worth $709,000 after buying an additional 4,256 shares during the period. Code Waechter LLC acquired a new position in shares of Bank Of Montreal during the first quarter worth about $282,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Bank Of Montreal during the first quarter worth about $1,886,000. 45.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BMO. Cowen reissued a "hold" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Cibc World Mkts raised Bank Of Montreal from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 5th. Wall Street Zen cut Bank Of Montreal from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Scotiabank reissued a "sector perform" rating on shares of Bank Of Montreal in a research report on Wednesday, August 27th. Finally, Royal Bank Of Canada cut Bank Of Montreal from an "outperform" rating to a "sector perform" rating and reduced their price target for the company from $168.00 to $163.00 in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank Of Montreal presently has a consensus rating of "Moderate Buy" and an average target price of $163.00.

Bank Of Montreal Stock Performance

BMO opened at $124.96 on Monday. Bank Of Montreal has a 12-month low of $85.40 and a 12-month high of $131.36. The stock has a market cap of $89.33 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 1.27 and a beta of 1.03. The business has a 50 day moving average of $123.84 and a 200-day moving average of $111.27. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last released its quarterly earnings data on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.21. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The company had revenue of $6.51 billion during the quarter, compared to analysts' expectations of $8.84 billion. During the same period last year, the firm posted $2.64 earnings per share. The business's revenue was up 9.7% on a year-over-year basis. On average, equities research analysts expect that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, October 30th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Bank Of Montreal's previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. Bank Of Montreal's dividend payout ratio is 58.63%.

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.

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