Bank of Queensland (ASX:BOQ) share price hits 52-week high on Friday

Investors pushed Bank of Queensland shares to a new milestone today…
The post Bank of Queensland (ASX:BOQ) share price hits 52-week high on Friday appeared first on The Motley Fool Australia. –

The Bank of Queensland Limited (ASX: BOQ) share price has finished Friday in the red. However, the $6.2 billion bank’s shares hit a new 52-week high in the early hours of trade.

At the end of the session, shares in Bank of Queensland finished 0.31% lower to $9.71. Although, they had reached a high of $9.84 within 30 minutes of opening trade.

Despite the accomplishment, there’s not much news out from the company — aside from informing shareholders of the date for its annual general meeting, which is expected to be held on 7 December 2021.

With that in mind, let’s recap what has been going on recently at the Bank of Queensland, and what may lie ahead.

Upcoming full-year results

Investors have been displaying eagerness towards the BOQ share price in recent weeks. Shares have climbed as much as 7.4% in the past 16 days. This rally comes in the lead-up to the company announcing its full-year results for FY21 on 13 October 2021.

If the FY21 result from Commonwealth Bank of Australia (ASX: CBA) was anything to go by, Bank of Queensland shareholders could be in store for a solid result. For reference, the smaller bank reported its half-year results back in April — which involved impressive numbers of its own.

In its first half, the Bank of Queensland reported a 9% increase in cash earnings after tax to $165 million. Consequently, the bank declared a 17 cent per share interim dividend, which was up from 6 cents per share in 1H FY20.

Furthermore, the upcoming full-year result will be the first to include contributions from ME Bank. On 1 July 2021, the Bank of Queensland completed its acquisition of Members Equity Bank for a total cash consideration of $1.325 billion.

No doubt shareholders will be watching the FY21 result closely to get a glimpse of how the integration of ME Bank is travelling.

Bank of Queensland share price snapshot

The BOQ share price has performed exceptionally well over the past year. In fact, the smaller Aussie bank contender has outpaced the gains experienced by the big four banks.

Across the 12-month period, the smaller bank has delivered a return of 59%. Meanwhile, the next closest competitor is CBA with a gain of 54% over the same period.

The post Bank of Queensland (ASX:BOQ) share price hits 52-week high on Friday appeared first on The Motley Fool Australia.

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More reading

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If you invested $1,000 in Bank of Queensland (ASX:BOQ) shares a decade ago, here’s what it would be worth now
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The ASX 200 banks may be in danger as half of mortgage-stressed households have “borrowed to the hilt”

Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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