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Bank of Queensland (ASX:BOQ) share price touches 52-week high today

The BOQ share price touched its 52-week high of $8.10 earlier today, before pulling back slightly. Let’s take a closer look at why.
The post Bank of Queensland (ASX:BOQ) share price touches 52-week high today appeared first on The Motley Fool Australia. –

ASX share new high represented by ladder climbing to higher target

The Bank of Queensland Limited (ASX: BOQ) share price touched its 52-week high of $8.10 earlier today, before pulling back to $8.06 at the time of writing.

What’s been moving the BOQ share price

There has been no specific news from the bank in 2021, but the ASX market has seen positive sentiment towards banking shares in this year’s trading so far. All Big Four banks have seen share price gains in the first weeks of 2021.

The BOQ share price has gained 4% so far since the start of 2021.

As comparison, the shares of its regional rival Bendigo and Adelaide Bank Ltd (ASX: BEN) are up by 3% in 2021. However, the Bendigo share price of $9.74 is still a long way from its 52-week high of $10.63.

The BOQ share price has actually been on the up since early December, when the company revealed that it was performing in line with expectations in FY 2021.

In that announcement, the bank reported a significant reduction in COVID19-related loan deferrals. At the end of November, just 3% of its housing loans and 3% of its small to medium sized business (SME) loans were on deferral. This represents an 80% and 82% reduction, respectively, since the end of June.

Since that announcement on 8 December 2020, the bank’s shares have risen steadily by 3%.

A quick take on the Bank of Queensland

Bank of Queensland is smaller than its regional bank rival, the Bendigo and Adelaide Bank, and is considerably smaller than the four major banks.

After the 2019 CEO appointment of former Westpac Banking Corp (ASX: WBC) executive George Frazis, the bank said its strategic plan would centre on a digital transformation of its core banking offerings.

About the BOQ share price

The BOQ share price has gained around 10% over the past 12 months. The bank’s share dropped to a 52-week low of $4.51 in May 2020, but has since recovered to current levels.

The Bank of Queensland currently commands a market cap of $3.65 billion.

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Motley Fool contributor Eddy Sunarto 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.

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

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