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Why is the NAB share price having such a cracker of a day?

NAB shares are on the move.
The post Why is the NAB share price having such a cracker of a day? appeared first on The Motley Fool Australia. –

The National Australia Bank Ltd. (ASX: NAB) share price is zipping higher today despite no recent news from the company.

At the time of writing, the banking giant’s shares are up 2.54% to $31.88 apiece.

In contrast, the S&P/ASX 200 Financials (ASX: XFJ) is also in the green, climbing 1.14% to 6,615.7 points.

Although investors are currently upbeat, it isn’t the only major bank to see its shares tick up a notch.

The Commonwealth Bank of Australia (ASX: CBA) share price is lifting 1.5%, while Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have risen 1.78% and 1.2%, respectively today.

Let’s take a look at what’s driving NAB shares higher.

NAB shares on the rebound?

Positive investor sentiment is driving up the NAB share price as the market moves into a post-COVID recovery phase.

The bank’s shares briefly took a hit earlier this month following the broader sell-off on the ASX. However, with interest rates on the rise which will likely boost NAB’s revenues, bargain hunters have been swopping in.

A couple of brokers weighed in on the NAB share price around 3 weeks ago.

The team at JPMorgan raised its 12-month price target for the bank’s shares by 3% to $34.50 apiece. It appears that the broker believes that NAB is undervalued at the moment, with investors agreeing alike given the current share price.

On the other hand, analysts at Macquarie had a similar take, raising its rating by 4.6% to $34 Based on the bank’s share price, this implies an upside of roughly 6.6% from where it trades today.

NAB share price summary

Adding to its impressive gains, the NAB share price has accelerated by 20% in the past year.

It’s worth noting that at today’s prices, the company’s shares are trading above pre-COVID-19 levels.

NAB commands a market capitalisation of roughly $98.80 billion, making it the fourth largest company on the ASX.

The post Why is the NAB share price having such a cracker of a day? appeared first on The Motley Fool Australia.

Should you invest $1,000 in NAB right now?

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Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and NAB wasn’t one of them.

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More reading

ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
3 reasons this broker thinks the NAB share price is great value
Why Allkem, NAB, Pushpay, and Virgin Money UK shares are rising
Has the NAB dividend been growing?
3 cheap ASX shares set to boom with higher interest rates: Wilsons

Motley Fool contributor Aaron Teboneras 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 recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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