Lorne Steinberg Wealth Management Inc. Sells 301 Shares of Bank of Montreal (NYSE:BMO)

Lorne Steinberg Wealth Management Inc. trimmed its holdings in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,940 shares of the bank’s stock after selling 301 shares during the period. Bank of Montreal accounts for about 1.9% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 22nd biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Bank of Montreal were worth $6,686,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Truist Financial Corp lifted its position in shares of Bank of Montreal by 397.1% in the fourth quarter. Truist Financial Corp now owns 91,654 shares of the bank’s stock valued at $8,895,000 after buying an additional 73,216 shares during the last quarter. KLCM Advisors Inc. lifted its position in shares of Bank of Montreal by 9.3% in the fourth quarter. KLCM Advisors Inc. now owns 4,538 shares of the bank’s stock valued at $440,000 after buying an additional 387 shares during the last quarter. Allworth Financial LP lifted its position in shares of Bank of Montreal by 27.6% in the fourth quarter. Allworth Financial LP now owns 1,707 shares of the bank’s stock valued at $171,000 after buying an additional 369 shares during the last quarter. Principal Securities Inc. lifted its holdings in Bank of Montreal by 180.9% during the 4th quarter. Principal Securities Inc. now owns 969 shares of the bank’s stock worth $94,000 after purchasing an additional 624 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Bank of Montreal by 16.2% during the 4th quarter. Rhumbline Advisers now owns 1,049 shares of the bank’s stock worth $102,000 after purchasing an additional 146 shares during the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. CIBC raised Bank of Montreal from a “neutral” rating to a “sector outperform” rating in a report on Friday, December 6th. Scotiabank upgraded Bank of Montreal from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, December 6th. StockNews.com upgraded Bank of Montreal from a “sell” rating to a “hold” rating in a research note on Tuesday, February 11th. Royal Bank of Canada upgraded Bank of Montreal from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $133.00 to $161.00 in a research note on Wednesday, January 8th. Finally, Cibc World Mkts upgraded Bank of Montreal from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $128.00.

Bank of Montreal Trading Up 0.2 %

Shares of BMO opened at $101.28 on Wednesday. Bank of Montreal has a 52-week low of $76.98 and a 52-week high of $104.63. The business’s fifty day moving average is $98.58 and its 200-day moving average is $92.96. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $73.93 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.40 and a beta of 1.09.

Bank of Montreal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Thursday, January 30th will be paid a $1.1329 dividend. This is a positive change from Bank of Montreal’s previous quarterly dividend of $1.12. The ex-dividend date is Thursday, January 30th. This represents a $4.53 annualized dividend and a dividend yield of 4.47%. Bank of Montreal’s dividend payout ratio (DPR) is presently 63.32%.

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.