The Commonwealth Bank (ASX:CBA) share price just reached $100

It’s a historic day on the ASX for Australia’s largest bank.

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The Commonwealth Bank of Australia (ASX: CBA) share price has finally passed the landmark $100 milestone.

CBA shares reached $100.20 in mid-morning trade today.

At the time of writing, the CBA share price has retreated slightly to trade at $100.09, 0.46% higher than its closing price yesterday.

By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.12% today.

The bank’s share price rally is particularly impressive given this time last year, it traded at $61.31 while battling the COVID-19-induced recession.

Let’s take a closer look at this new record high for Commonwealth Bank shares.

6 years in the making

Market watchers have been waiting for Commonwealth Bank shares to break through the $100 ceiling for some time.

The last time the share price tantalised ASX investors with the promise of reaching the century was in 2015.

On 20 March 2015, Commonwealth Bank shares hit what was then an all-time high of $96.50. It was a price the bank was unable to crack again until 13 May this year. Then, the bank smashed through its previous record 12 days ago when it hit $97.38 per share in intraday trade.

It’s been gaining almost continuously since, hitting multiple new highs on its way to reaching today’s breakthrough price.

ASX watchers will no doubt be keeping an eye on the CBA share price this afternoon to see if it can close the day at more than $100.

Commonwealth Bank share price snapshot

It goes without saying the CBA share price is having a fantastic year on the ASX.

Currently, it’s gained around 22% since the beginning of 2021. It’s also around 63% higher than at this time last year.

The bank has a price-to-earnings (P/E) ratio of 21.19 and a market capitalisation of around $177 billion. It has approximately 1.7 billion shares outstanding.

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Motley Fool contributor Brooke Cooper 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.

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