Bank of Montreal (BMO.TO)(BMO) is the fourth largest of the Canadian banks by market cap. The company provides a diversified array of financial services operating via four segments: Canadian P&C, US P&C, BMO Wealth Management, and BMO Capital Markets. BMO is one of the oldest corporations in Canadian history, founded in 1817 and is headquartered in Montreal, Canada.
A Closer Look
The company’s peers include Royal Bank of Canada (RY), Toronto-Dominion Bank (TD), Bank of Nova Scotia (BNS), and Canadian Imperial Bank of Commerce (CM).
The Canadian banks are regarded as some of the safest financial institutions in the world. The companies have a long track record of being conservative and focused on long-term stability and prosperity. Most of these institutions have existed and paid dividends for more than 150 years and make for great core positions in any investor’s portfolio.
Bank of Montreal takes pride in being the first and longest dividend paying corporation in Canadian history. The company was founded in 1817 and recently celebrated the 200th anniversary. BMO is also the first Canadian corporation to ever issue dividends in 1829, an unbroken chain ever since. It is also impressive to note that the company has only reduced its dividends once in 1942. More recently, the company has been expanding overseas and has a sizeable footprint in the US, Europe and Asian markets.