The Commonwealth Bank (ASX:CBA) share price hits new record highs

Up more than 1% in afternoon trading, the CBA share price looks poised to close the day for a new record high.

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Commonwealth Bank of Australia (ASX: CBA) shares are powering ahead today. The CBA share price is up 1.1% in afternoon trading.

At the current price of $99.09 per share, Commonwealth Bank shareholders are only 91 cents away from seeing the stock crack the psychological $100 mark.

If CBA’s share price can hold onto the intraday gains, or add to them, today will mark yet another new record closing high for the big 4 bank.

CBA share price record

It took more than 7 years, but last week the CBA share price hit $98.84 per share. That finally saw shares surpass their previous record high, set in March 2015.

At the time (March 2015) analysts were eagerly predicting that CommBank would become the first ASX share to crack the $100 mark. While that honour fell to CSL Limited (ASX: CSL), CBA could join the 3-figure share price club any day now.

Today’s gain, outpacing the 0.3% increase posted by S&P/ASX 200 Index (ASX: XJO), sees the CommBank share price up 68% over the past 12 months. And the Commonwealth Bank has continued to outperform in 2021, with shares up more than 18% year-to-date.

On Friday the bank announced it will raise interest rates on its 3 and 4-year fixed-term owner-occupier loans by 0.05% and investor only loans by 0.10%, potentially adding to its bottom line.

Now investors will be looking to see if management gives any sign of upping the dividend payments alongside its appreciating capital value.

At the current price of $99.09 per share, CommBank pays an annual dividend yield of 5.0%, fully franked. The market cap stands at $174 billion.

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Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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.

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