Perpetual Ltd (ASX:PPT) share price sets new 52-week high

Shares for the Australian financial services player build on previous gains to set a new 52-week high in this morning’s session.

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The Perpetual Ltd (ASX:PPT) share price hit a new 52-week high this morning, reaching a top of $39.58. Perpetual shares have now gained more than 45% since their 52-week low of $27 back in November 2020.

After setting a new record the company’s share price has since slipped into the red, down 0.28% at the time of writing to $39.10.

Board reshuffling

The company also announced earlier today the appointment of a new non-executive director, Mona Aboelnaga Kanaan.

Regarding Aboelnaga Kanaan’s placement, Perpetual chair Tony D’Aloisio said:

We are delighted to welcome a director of Mona’s calibre to the Perpetual Board. Her deep industry knowledge and expertise, particularly in North America, will complement the Board’s mix of experience and skills, and will be invaluable to Perpetual as it continues its growth globally following the recent acquisitions of Trillium Asset Management and Barrow Hanley Global Investors.

The appointment is effective today.

Perpetual share price snapshot

Shares in the company, which has been a part of Australia’s financial services industry since 1886, have climbed 11% year-to-date, outpacing the S&P/ASX 200 Index (ASX: XJO), which has posted just 9%.

On current prices, Perpetual has a market capitalisation of around $2.2 billion, and trades at a price-to-earnings ratio (P/E) of around 32. Trading volume in Perpetual shares is also 40% today higher than the 20-day average for this time of day.

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