Lorne Steinberg Wealth Management Inc. Purchases 3,162 Shares of Bank of Montreal (NYSE:BMO)

Lorne Steinberg Wealth Management Inc. grew its position in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,216 shares of the bank’s stock after purchasing an additional 3,162 shares during the period. Bank of Montreal makes up approximately 2.3% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 13th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Bank of Montreal were worth $6,850,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of Bank of Montreal by 192.1% in the third quarter. EverSource Wealth Advisors LLC now owns 333 shares of the bank’s stock valued at $28,000 after acquiring an additional 219 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new position in Bank of Montreal during the third quarter worth approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Bank of Montreal during the third quarter worth approximately $33,000. Crewe Advisors LLC increased its position in Bank of Montreal by 63.5% during the third quarter. Crewe Advisors LLC now owns 515 shares of the bank’s stock worth $43,000 after buying an additional 200 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in Bank of Montreal by 177.4% during the fourth quarter. Global Retirement Partners LLC now owns 527 shares of the bank’s stock worth $50,000 after buying an additional 337 shares during the last quarter. 45.82% of the stock is currently owned by institutional investors.

Bank of Montreal Price Performance

Shares of BMO stock traded down $1.09 during trading on Wednesday, hitting $92.73. The company had a trading volume of 114,884 shares, compared to its average volume of 664,666. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $67.62 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.78 and a beta of 1.13. The stock’s 50-day moving average price is $94.26 and its 200 day moving average price is $90.05. Bank of Montreal has a one year low of $73.98 and a one year high of $100.12.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its quarterly earnings results on Tuesday, February 27th. The bank reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.24 by ($0.34). The company had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $6.34 billion. Bank of Montreal had a net margin of 7.40% and a return on equity of 11.89%. Equities analysts expect that Bank of Montreal will post 8.94 EPS for the current fiscal year.

Bank of Montreal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, April 29th will be paid a dividend of $1.1172 per share. The ex-dividend date is Friday, April 26th. This is a boost from Bank of Montreal’s previous quarterly dividend of $1.11. This represents a $4.47 annualized dividend and a yield of 4.82%. Bank of Montreal’s dividend payout ratio is presently 62.02%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Jefferies Financial Group started coverage on Bank of Montreal in a research report on Thursday, February 22nd. They set a “buy” rating on the stock. StockNews.com raised Bank of Montreal from a “sell” rating to a “hold” rating in a research report on Sunday, March 3rd. Finally, Barclays started coverage on Bank of Montreal in a research report on Wednesday, March 20th. They issued an “overweight” rating on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $131.00.

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.