The Bank of Montreal is Canada’s fourth-largest bank. Bank of Montreal is represented on the Toronto Stock Exchange with the symbol BMO.
This Canadian bank stock has consistently paid dividends for 186 years. Bank of Montreal has benefited both from expansion outside of Canada and low interest rates in recent years. Low interest rates have helped the bank by increasing demand for loans.
The bank continues to make acquisitions in the U.S. and the U.K., including Wisconsin-based banking firm Marshall & Ilsley for $4.0 billion in stock, and General Electric’s transportation-financing business, adding $11.5 billion in assets.
Bank of Montreal is also using acquisitions to expand its wealth management division, which now accounts for 18% of its earnings. It paid $1.3 billion for U.K.-based wealth management firm F&C Asset Management, which sells investment services to individuals and institutional clients, such as pension plans and insurance companies.
Bank of Montreal has paid dividends each year since 1829 and has increased its payout six times in the past three years.
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The outlook for Canada’s Big Five banks remains bright, particularly as lower interest rates mean they can reduce funds set aside to cover potential loan defaults. Lower loan-loss provisions will in turn push up their earnings and give them more room to increase their dividends.
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BANK OF MONTREAL, $146.32, Toronto symbol BMO, is still a buy.
With the February 2025 payment, the bank will raise your quarterly dividend by 2.6%, to $1.59 a share from $1.55. The new annual rate of $6.36 yields a high 4.3%. Bank of Montreal also announced… Read More
Dividend-paying companies have done well over the longer term, although the recent performance of this group lagged the main market indexes. That’s because higher interest rates on fixed-income investments made their dividends less attractive to income investors. Still, high-quality dividend-paying companies—given their prospects for capital… Read More
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MICROSOFT CORP., $428.02, Nasdaq symbol MSFT, remains a buy for aggressive investors.
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BCE INC., $47.56, Toronto symbol BCE, remains your #1 Income Buy for 2024.
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