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What happened with the Commonwealth Bank share price this week?

With the Commonwealth Bank share price trading near record highs, we look at what moved shares in the week gone by.
The post What happened with the Commonwealth Bank share price this week? appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price slipped today, down 0.4% in late afternoon trading.

The S&P/ASX 200 Index (ASX: XJO) spent some time in the red as well. Though the index has since recouped those losses and is currently up 0.1%.

Today’s fall marks 3 days of losses for the Commonwealth Bank share price this week. Yesterday, 20 May, was the standout day for the big 4 bank, with shares closing up more than 3.2%. That big lift looks to be enough to put CBA shares up some 0.4% from last Friday’s closing bell.

CBA in the news

Earlier this week, CBA’s CEO Matt Comyn presented at the Amazon Web Services (AWS) Online Summit.

Noting that Commonwealth Bank is investing $1 billion in technology in the next 5 years, Comyn said, “As we look into the future, CBA is focused on getting more of our core workloads to the cloud and making sure that key applications are running natively on the AWS platform.”

CBA also made financial news as yield hungry investors circle the big banks in hopes of a return to the heady, fat dividend days.

As my Foolish colleague Sebastian noted on Wednesday, “Whilst bank shares have more or less got back to the pricing they were at just before the COVID crash last year, investors are still waiting for bank dividends to follow suit.”

And in a sign that the resurgent inflation may be more than transitory, Commonwealth Bank today announced a 0.05% rate rise on its 3-year fixed-term owner-occupier loans. Investor only loans will see a 0.10% interest rate bump.

Commonwealth Bank share price snapshot

Commonwealth Bank shares remain within a whisker of the psychologically important $100 mark, currently trading for $97.94.

Earlier this week, CBA hit a new record high of $98.84 per share, surpassing the previous all-time high posted way back in March 2015.

This follows on a strong year for shareholders, which has seen the Commonwealth Bank share price gain 66% over the past 12 months. By comparison, the ASX 200 is up 27% at that same time.

At the current share price, Commonwealth Bank pays a dividend of 2.6%, fully franked.

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More reading

Commonwealth Bank (ASX:CBA) hikes interest rates. Is the RBA wrong?
Here’s 1 stock this fundie prefers over Commonwealth Bank (ASX:CBA) shares
The ANZ (ASX:ANZ) share price leads the ASX 200 banks this week
Can the Commonwealth Bank (ASX:CBA) share price crack $100?
Aussies’ financial wellbeing at all-time high: CBA (ASX:CBA) report

The post What happened with the Commonwealth Bank share price this week? appeared first on The Motley Fool Australia.

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