Insights

Why the Bank of Queensland (ASX:BOQ) share price hit its 52-week high

The company’s share price is having a great year.
The post Why the Bank of Queensland (ASX:BOQ) share price hit its 52-week high appeared first on The Motley Fool Australia. –

The Bank of Queensland Limited (ASX: BOQ) share price is enjoying fresh new 52-week highs today. This comes despite no news being released from the regional bank since its board appointment in late July.

At the time of writing, Bank of Queensland shares are up 1.8% to $9.62 apiece.

What’s driving Bank of Queensland shares higher?

You would be forgiven for thinking that with half of Australia currently in lockdown, the Bank of Queensland share price would suffer.

However, the company’s shares have rallied higher to reach pre-COVID levels, reflecting optimism among investors.

The Bank of Queensland completed its acquisition of ME Bank in July, achieving a critical milestone in its multi-brand strategy. It aims to compete with the big banks offering portfolio diversification and a common digital retail bank technology platform.

In addition, the company moved to strengthen its board, with the inclusion of ME Bank director Deborah Kiers.

Bank of Queensland also provided its quarterly capital update for the period ending May. It noted that it expanded the common equity tier 1 (CET1) to 14.1% compared to 10% at the end of February.

The total capital ratio increased to 18%, up from 13.8% from the prior period.

What do the brokers think?

Following the APRA Basel III Pillar 3 in late July, two brokers rated the company with varying price points.

First up, investment bank JPMorgan raised its 12-month price target for Bank of Queensland shares by 2.1% to $9.80.

Credit Suisse rated the company’s shares with a more bullish outlook, adding 15% to $11.50. Based on the current share price, this implies an upside of approximately 19.5%.

Bank of Queensland share price summary

The last 12 months have seen Bank of Queensland shares continue their upward growth trajectory, up over 60%. Year-to-date has also lifted, gaining close to 28% for shareholders.

Bank of Queensland commands a market capitalisation of roughly $6.1 billion, making it the 88th largest company on the ASX.

The post Why the Bank of Queensland (ASX:BOQ) share price hit its 52-week high appeared first on The Motley Fool Australia.

Should you invest $1,000 in Bank of Queensland right now?

Before you consider Bank of Queensland, you’ll want to hear this.

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

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

The Bank of Queensland (ASX:BOQ) share price is up 61% in a year. Here’s why
ASX 200 flat, Lynas soars, City Chic jumps

Why the Bank of Queensland (ASX:BOQ) share price is climbing today
Is the BOQ (ASX:BOQ) share price a buy for dividends?
Top brokers name 3 ASX shares to buy next week

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 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!