Over the last 12 months the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has put on a gain of approximately 6.5%.
Whilst this is a solid gain, it pales in comparison to the three shares below which have just raced to 52-week highs. Can they go higher?
The Iress Ltd (ASX: IRE) share price reached a 52-week high of $12.98 this morning, bringing the financial technology company's 12-month gain to approximately 17%. The main catalyst for this gain appears to be a solid FY 2016 result, which saw reported net profit after tax rise 7% to $59.5 million. Whilst I do like the company and think it is one of the better fintech shares on the local market, I'm not a fan of its share price. At 31x trailing earnings, I think it is a little on the expensive side right now.
The Pioneer Credit Ltd (ASX: PNC) share price hit a 52-week high of $2.68 today, stretching its 12-month gain to over 50%. It isn't hard to see why the debt collection company's shares have been on a tear. Yesterday the company increased its full-year net profit after tax guidance to $10.7 million thanks to the success of its disciplined approach to investing in purchased debt portfolios. Furthermore, management advised that it expects net profit after tax to increase at least 49% to $16 million in FY 2018. If it delivers on this then I believe its shares could still climb higher from here.
The Suncorp Group Ltd (ASX: SUN) share price reached another 52-week high of $15.20 today. This means the insurance giant's shares have gained over 19% since this time last year. The successful implementation of a new operating model is largely behind the improved performance and notable share price gain. Whilst I feel its shares are now looking close to fully valued, I still believe Suncorp would be a good buy and hold investment option.
