It’s been an uneventful week for the Commonwealth Bank of Australia (ASX: CBA), but not for its share price.
While the bank hasn’t graced the market – or the broader mediascape – with much press-stopping news, shares in the bank have continued to creep upwards.
The Commonwealth share price closed at $93.92 today, 1.05% higher than yesterday’s close. That adds to a fantastic week’s performance from the bank’s share price which has gained 4.2% since Monday morning.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 0.2% this week.
Commonwealth Bank share price approaching its all-time high
Today, for the second week in a row, the Commonwealth Bank share price hit a 52-week high. The milestone was achieved at today’s intraday high when shares in the bank were swapping hands for $94.10.
Last fortnight, The Motley Fool Australia reported the Commonwealth share price looked like it had a chance to smash its previous all-time high of ~$96 (which it reached in 2015) this year.
While it’s not quite there yet, today undoubtably raised some hopes.
What’s new with CBA this week?
The Commonwealth share price started the week off on a good foot. Last Sunday, The Motley Fool Australia reported that Morgan Stanley analysts had kept their underweight rating but lifted the price target for the bank’s shares. The broker’s new price target for Commonwealth shares was $83.00.
Morgan Stanley suspected provision releases and more modest rises in underlying loss rates would support the earnings per share (EPS) upgrade cycle continuing. This could support the bank’s dividend to increase over the coming years.
On Tuesday, the banking giant announced it acquired health technology provider Whitecoat.
Whitecoat runs Australia’s largest digital healthcare services directory, allowing patients to find and book appointments with health service providers. Whitecoat also offers a digital health payment and claims solution with the ability to process payments through Medicare, private health insurance, and government schemes.
The Commonwealth Bank Group’s business banking executive Mike Vacy-Lyle said the acquisition supported the bank’s focus on healthcare as a growth sector, and it aimed to provide the best digital services and experiences to its customers. He said:
We recognise that by thinking differently and broadening our services, we can help our customers run their businesses more effectively.