Lorne Steinberg Wealth Management Inc. Increases Stock Holdings in Bank Of Montreal $BMO

Lorne Steinberg Wealth Management Inc. lifted its position in shares of Bank Of Montreal (NYSE:BMO) (TSE:BMO) by 24.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,014 shares of the bank’s stock after purchasing an additional 17,883 shares during the period. Bank Of Montreal accounts for approximately 2.7% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 10th biggest 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.

A number of other large investors also recently made changes to their positions in BMO. Goldman Sachs Group Inc. increased its stake in shares of Bank Of Montreal by 213.1% during the first quarter. Goldman Sachs Group Inc. now owns 4,259,505 shares of the bank’s stock worth $406,825,000 after purchasing an additional 2,899,061 shares during the period. Canada Pension Plan Investment Board increased its stake in Bank Of Montreal by 66.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 3,676,637 shares of the bank’s stock worth $351,154,000 after acquiring an additional 1,469,084 shares during the period. International Assets Investment Management LLC bought a new position in Bank Of Montreal during the 2nd quarter worth $612,000. Nuveen LLC bought a new position in Bank Of Montreal during the 1st quarter worth $52,070,000. Finally, Vanguard Group Inc. increased its stake in Bank Of Montreal by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 30,997,776 shares of the bank’s stock worth $2,960,102,000 after acquiring an additional 503,027 shares during the period. Institutional investors own 45.82% of the company’s stock.

Bank Of Montreal Trading Up 0.2%

Shares of BMO stock opened at $124.96 on Monday. The stock’s fifty day moving average price is $123.84 and its two-hundred day moving average price is $111.27. The company has a market cap of $89.33 billion, a PE ratio of 15.29, a P/E/G ratio of 1.27 and a beta of 1.03. Bank Of Montreal has a fifty-two week low of $85.40 and a fifty-two week high of $131.36. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

Bank Of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.21. The firm had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $8.84 billion. Bank Of Montreal had a return on equity of 10.57% and a net margin of 11.00%.The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.64 EPS. Equities analysts predict that Bank Of Montreal will post 7.71 EPS for the current fiscal year.

Bank Of Montreal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be issued a dividend of $1.63 per share. This is a positive change from Bank Of Montreal’s previous quarterly dividend of $1.18. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $6.52 annualized dividend and a dividend yield of 5.2%. Bank Of Montreal’s dividend payout ratio (DPR) is 58.63%.

Analysts Set New Price Targets

A number of equities analysts have commented on BMO shares. National Bankshares restated an “outperform” rating on shares of Bank Of Montreal in a research note on Friday, August 15th. UBS Group restated a “neutral” rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Scotiabank restated a “sector perform” rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Cowen restated a “hold” rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Finally, Cibc World Mkts upgraded Bank Of Montreal from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank Of Montreal currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Bank Of Montreal 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.