The Globe and Mail reports in its Tuesday edition that columnist John Heinzl is adding more shares of Bank of Montreal to his model portfolio. Mr. Heinzl says that last week, BMO shares dropped after reporting first-quarter earnings well below estimates, hit by higher loan-loss provisions and weak capital markets. "There is no way to sugarcoat this -- it was a disappointing quarter," Doug Young, an analyst with Desjardins Capital Markets, said in a note to clients. However, he added that, while the stock "might be in the penalty box for a quarter," BMO management signalled that the first quarter "should be the low point" for results in fiscal 2024. For dividend investors with money to spend, the silver lining is that BMO's stock now yields nearly 5 per cent, with strong potential for continued dividend growth. With that in mind, Mr. Heinzl is purchasing another 15 BMO shares for the model portfolio, bringing his total to 85 shares. That will consume close to half of the cash in the portfolio. With the remaining cash, he is picking up another 30 units of iShares S&P/TSX 60 Index ETF (XIU) for a total of 315 units, plus 15 units of U.S.-traded iShares Core Dividend Growth ETF (DGRO), bringing his total to 140 units.