It’s been a good year for Bank of Queensland shareholders…
The post Why the Bank of Queensland (ASX:BOQ) share price has beaten the ASX 200 in the last year appeared first on The Motley Fool Australia. –
The Bank of Queensland Limited (ASX: BOQ) share price has gained a massive 58% over the past 12 months.
This time last year, the bank’s shares were trading for $5.90 apiece. Right now, the Bank of Queensland share price is $9.32.
Not to mention, only 2 other ASX 200 banks’ share prices – those of National Australia Bank Ltd (ASX: NAB) and Virgin Money UK CDI (ASX: VUK) – have outperformed the Bank of Queensland’s over the last 12 months.
So, what’s been causing Bank of Queensland to outperform the broader market? Let’s take a look.
What’s caused the Bank of Queensland share price gains?
The Bank of Queensland’s shares have been surging over the last 12 months. And there’s been plenty of news to push them along.
The first big move from the Bank of Queensland stock came in October when the bank released its full-year results.
As The Motley Fool Australia reported at the time, while the bank’s FY21 results were down on those of FY20, it performed better than the market had expected.
Thus, the Bank of Queensland share price was boosted 5% on the back of its full-year earnings.
Then, the Bank of Queensland released the news that would keep the market’s interest for much of 2021. It announced it was to acquire Money Equity (ME) Bank for around $1.3 billion.
The bank completed a capital raise to get the funds for the purchase.
On returning from the trading halt during which it announced the acquisition, the Bank of Queensland’s shares gained a massive 12.7% on 23 February.
Since then, the Bank of Queensland share price has gained around 4%.
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 August 16th 2021
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Motley Fool contributor Brooke Cooper 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.