Team BMO Donates C$26M in 2021

Bank of Montreal (TSE: BMO) employees across North America have come together to drive positive change for a more inclusive future as part of the 11th annual Employee Giving Campaign.

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BMO Donates More in 2021

BMO has given C$66.3 million in donations in 2021. As of the end of November, 90% of BMO employees have given more than C$26 million to the United Way and other organizations.

Not only did BMO surpass this year’s multi-million dollar donation target, but the campaign also benefited from the generosity of a pioneer in philanthropy and retiree of BMO, Donald K. Johnson, who donated an additional C$7 million.

Large donations are still pouring in; donations are meant to mitigate the disproportionate impacts on people facing unemployment, food insecurity and homelessness, all exacerbated by the pandemic.

BMO-wide, the Employee Giving Campaign has topped C$200 million in cumulative giving in 10 years of the employee-driven campaign.

CEO Commentary

“The level of personal giving we see among our employees each year is testament to the power of our Purpose,” said Darryl White, CEO of BMO Financial Group and Centraide of Greater Montreal 2021 Campaign co-chair.

“BMO employees have responded very clearly to the call to power the good and help close the fairness gap in our society by harnessing the momentum of the economic recovery to make progress. I also want to recognize Don Johnson’s extraordinary philanthropy – the impact he makes with his generosity is profound. All of us at BMO are honoured to once again support United Way and the many charitable partners who are building a more inclusive society.”

Wall Street’s Take

On December 21, Scotiabank analyst Meny Grauman downgraded BMO to Hold from Buy and set a C$162 price target. This implies 21.7% upside potential.

The rest of the Street is bullish on BMO with a Strong Buy analyst consensus rating based on six Buys and two Holds. The average Bank of Montreal price target of C$154.89 implies 16.3% upside potential to current levels.