10 Best Stocks to Buy for Retirement

9. Bank of Montreal (NYSE:BMO)

Dividend Yield as of February 9: 4.26%
3-Year Average Annual Dividend Growth Rate: 11.6%
Dividend Payout Ratio: 27.2%

Bank of Montreal (NYSE:BMO) is a Canadian multinational investment bank. The company offers a wide range of financial services to its consumers. On December 1, the company declared a 3% hike in its quarterly dividend to C$1.43 per share. In the past three years, the company has raised its payouts at an annual average rate of 11.6%, which places it as one of the best stocks for retirement. BMO has a solid payout ratio of 27.2%.

Desjardins raised its price target on Bank of Montreal (NYSE:BMO) in February to C$146 with a Buy rating on the shares.

As of the close of Q3 2022, 9 hedge funds in Insider Monkey’s database owned stakes in Bank of Montreal (NYSE:BMO), worth over $43 million collectively.