The Brisbane-based bank has been exciting investors over the last 2 weeks – despite the market being down.
The post The Bank of Queensland (ASX:BOQ) share price is up 5% in 2 weeks appeared first on The Motley Fool Australia. –
The Bank of Queensland Limited (ASX: BOQ) share price is having a fortnight to remember.
Over the past 2 weeks, shares in the financial institution have risen 4.97%. At the close of market today, Bank of Queensland shares finished at $9.70 (1.25% higher on yesterday’s close). For context, the S&P/ASX 200 Index (ASX: XJO) is 0.41% lower over the same (also 0.41% lower on yesterday’s close).
While the company hasn’t made any significant announcements in this time, there may be some factors that explain what’s going on.
Let’s take a closer look.
Bank of Queensland shares are heading north
One reason for the rising Bank of Queensland share price may be positive broker notes coming out about the company.
As The Motley Fool has previously reported, analysts at JPMorgan have rated the Brisbane-based bank as the third-best financial share on the market, behind Macquarie Group Ltd (ASX: MQG) and National Australia Bank Ltd. (ASX: NAB). Goldman Sachs analysts believe Bank of Queensland shares could reach as high as $9.90 and Morningstar Quantitative believes its shares could get as high as $10.34.
Another possible reason is simply that most ASX bank shares have been doing well for a variety of reasons. For example, the NAB share price is 3.83% higher, the Commonwealth Bank of Australia (ASX: CBA) share price is 2.49% greater, while the Macquarie share price has increased 8.98% – all within the space of 2 weeks.
There are many reasons for the rising financial sector. These include improved investor expectations, perceived stability of banking shares, or forecasted long-term economic stability. Whatever the reason, banking shares, in general, have been overperforming the ASX 200 over the last 2 weeks.
Bank of Queensland share price snapshot
Over the past 12 months, the Bank of Queensland share price has increased 60.35%. Year to date, shares in the bank have appreciated by 29.07%. It’s outperformed the CBA share price, the Westpac Banking Corp (ASX: WBC) share price, and slightly underperformed the NAB share price during these aforementioned periods.
Bank of Queensland has a market capitalisation of approximately $6.2 billion.
Should you invest $1,000 in Bank of Queensland right now?
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Motley Fool contributor Marc Sidarous owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.