BMO Financial Group (BMO), North America’s eighth-largest bank, has announced donations totaling C$600,000 to Indigenous organizations across Canada to commemorate the first National Truth and Reconciliation Day on September 30.
Selected in consultation with BMO’s Indigenous Advisory Council, this commitment supports seven Indigenous-led organizations that promote healing and advance cultural re-appropriation.
Mike Bonner, co-chair of BMO’s Indigenous Advisory Council, said, “These donations recognize the need for a holistic approach to empowerment and reflect the ongoing, collaborative partnership that underlies BMO’s relationship with Indigenous communities.”
The National Center for Truth and Reconciliation will receive C$250,000 for grants to Indigenous communities to support commemoration and healing activities.
The other organizations that have received donations are The Mohawks of the Bay of Quinte First Nation, The Gitpo Spirit Lodge, Kaska Dena Youth Camp, Indspire, The Indigenous Learning Centre, and The Orange Shirt Society. (See Bank of Montreal stock charts on TipRanks)
On September 1, Credit Suisse analyst Mike Rizvanovic maintained a Buy rating on BMO, with a price target of C$147. This implies 14% upside potential.
The rest of the Street is cautiously optimistic with a Moderate Buy consensus rating based on seven Buys and three Holds. The average Bank of Montreal price target of C$139.91 implies 8.5% upside potential to current levels.
TipRanks’ Smart Score
BMO scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns have very good chances to beat the overall market.