BMO Financial Group (BMO), North America’s eighth-largest bank, announced Wednesday it has entered into a new partnership with the Native Women’s Association of Canada (NWAC). The goal of this pact is to build a center focused on social innovation and economic prosperity.
BMO’s Indigenous Banking unit will provide a loan to help build NWAC’s new Indigenous Women’s Social and Economic Innovation Center. The center will help women and indigenous communities to acquire more economic security, stability, and independence.
Mark Shadeed, Vice President, Indigenous Banking, BMO said, “BMO and NWAC have created a long-term partnership with the potential to make a significant contribution to the economic development of Indigenous communities. It is also an opportunity to support the economic resilience of Indigenous Peoples while promoting entrepreneurship and training initiatives among Indigenous women. We want to help create an environment that promotes a culture of success without complexity. With these bold goals, we need to take action and invest in this community to help make a difference in their lives and in their businesses.”
BMO is committed to helping indigenous communities progress through three pillars: employment, education, and economic empowerment. The bank supports these communities by allocating more than C$13 million in contributions and pledges in areas such as healthcare, education, and more. (See Bank of Montreal chart analysis on TipRanks)
On Tuesday, National Bank Financial analyst Gabriel Dechaine kept a Buy rating on BMO while raising its price target to C$139.00 (from C$136.00). This implies 7.5% upside potential.
The rest of the Street is cautiously optimistic with a Moderate Buy consensus rating based on 7 Buys, 2 Holds, and 1 Sell. The BMO average analyst price target of C$136.78 implies 5.8% 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 strong prospects to beat the overall market.
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