One of the ASX 200’s smallest banks has bested the rest over the last 30 days.
The post Bank of Queensland shares outperforming all ASX 200 banks this month appeared first on The Motley Fool Australia. –
Over the last 30 days, shares in Bank of Queensland Limited (ASX: BOQ) have outperformed those of all other S&P/ASX 200 Index (ASX: XJO) banks. At the time of writing, the Bank of Queensland share price is $9.05 – 1.12% higher than it was this time last month.
That makes it the best performing ASX 200 bank of the last 30 days.
Coming in second best is the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price, which has gained 0.39% in the same time frame.
The Commonwealth Bank of Australia (ASX:CBA) share price has fared the best out of the big four. Its shares have fallen 0.02% since this time last month.
Bringing up the rear is National Australia Bank Ltd (ASX: NAB). Its share price has dropped 3.12%.
Let’s take a look at what Bank of Queensland has been up to this month.
The month that’s been
The Bank of Queensland has released 2 pieces of price sensitive news to the market lately.
The first was on 15 June, when the bank announced its upcoming APRA Basel III Pillar 3 report will include a decrease in its collective provision.
It also stated it plans to reduce its collective provision by another $75 million. Its share price gained 1.5% on the back of the news.
Then, on 21 June, Bank of Queensland released news the Treasurer of the Commonwealth of Australia had approved its proposed acquisition of Members Equity Bank (ME Bank).
Bank of Queensland has been updating the market on its planned acquisition of ME Bank since February. It is to pay around $1.3 billion in cash for the acquisition.
Now that the acquisition has received the Treasurer’s approval, the deal will go ahead on 1 July.
The market seemed excited by the news, as the Bank of Queensland share price ended the day’s trade 5.47% higher than its previous close.
Bank of Queensland share price snapshot
It’s been a good year so far for the Bank of Queensland share price.
Currently, it’s 20% higher than it was at the start of the year. It has also gained 51% since this time last year.
The bank has a market capitalisation of around $5.7 billion, with approximately 639 million shares outstanding.
The post Bank of Queensland shares outperforming all ASX 200 banks this month appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
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.