Shares in Commonwealth Bank of Australia (ASX: CBA) have once again broken through their all-time high to set a new record at $81.30 as shares rose 65c or 0.8%.
Although the stock's momentum has certainly slowed over the last few months, it has still risen 4.5% since the beginning of the year, surpassing the returns of the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) in that time.
Although the banks all possess strong fundamentals, now is certainly not a good time to be buying. While one brokerage firm has set a target of $87.80 per share for Commonwealth Bank, the long-term outlook for the stock is hardly attractive at today's price (it is difficult to see them climbing another 8% even in the short run).
Like its major rivals, namely National Australia Bank Ltd. (ASX: NAB), Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank is trading on an excessive P/E ratio and price-book ratio, and stands little chance of delivering market-beating returns in the medium-to-long terms.