Why the Bank of Queensland (ASX:BOQ) share price is charging higher today

The Bank of Queensland Limited (ASX:BOQ) share price is charging higher today for a couple of reasons. Here’s what you need to know…
The post Why the Bank of Queensland (ASX:BOQ) share price is charging higher today appeared first on The Motley Fool Australia. –

A happy woman at her laptop punches the air, indicating a rising share price

The Bank of Queensland Limited (ASX: BOQ) share price has been a positive performer on Tuesday.

In afternoon trade, the regional bank’s shares are up over 2% to $9.11.

This compares to a 0.35% decline by the S&P/ASX 200 Index (ASX: XJO).

Why is the Bank of Queensland share price pushing higher today?

There have been a couple of catalysts for the solid performance by the Bank of Queensland share price on Tuesday.

One of those was the release of an announcement clarifying an aspect of its recent half year results release.

According to the release, the bank has amended its earnings per share and weighted average number of shares figures in accordance with AASB 133.

This has resulted in earnings per share increasing slightly from what it reported with its results earlier this month. Though, it is important to note that there is no change in respect to growth rates between the first half and the prior corresponding period.

Diluted earnings per share for the first half is now 32.8 cents per share. This is up 4% on the prior corresponding period and 120% on the second half of FY 2020. This compares to the 31.8 cents per share reported previously.

What else is supporting its shares?

Also giving the Bank of Queensland share price a boost today was a broker note out of Morgan Stanley.

According to the note, the broker has upgraded the bank’s shares to an overweight rating with an improved price target of $10.00.

This price target implies potential upside of approximately 10% for its shares over the next 12 months excluding dividends.

Morgan Stanley was pleased with the bank’s performance in the first half and expects more of the same in the second half. And while it doesn’t expect the acquisition of ME Bank to necessarily boost its growth prospects, it sees positives from scale benefits and geographic diversification.

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Motley Fool contributor James Mickleboro 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.

The post Why the Bank of Queensland (ASX:BOQ) share price is charging higher today appeared first on The Motley Fool Australia.

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