The Bank of Queensland Limited (ASX: BOQ) share price is enjoying fresh new 52-week highs today. This comes despite no news being released from the regional bank since its board appointment in late July.
At the time of writing, Bank of Queensland shares are up 1.8% to $9.62 apiece.
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What's driving Bank of Queensland shares higher?
You would be forgiven for thinking that with half of Australia currently in lockdown, the Bank of Queensland share price would suffer.
However, the company's shares have rallied higher to reach pre-COVID levels, reflecting optimism among investors.
The Bank of Queensland completed its acquisition of ME Bank in July, achieving a critical milestone in its multi-brand strategy. It aims to compete with the big banks offering portfolio diversification and a common digital retail bank technology platform.
In addition, the company moved to strengthen its board, with the inclusion of ME Bank director Deborah Kiers.
Bank of Queensland also provided its quarterly capital update for the period ending May. It noted that it expanded the common equity tier 1 (CET1) to 14.1% compared to 10% at the end of February.
The total capital ratio increased to 18%, up from 13.8% from the prior period.
What do the brokers think?
Following the APRA Basel III Pillar 3 in late July, two brokers rated the company with varying price points.
First up, investment bank JPMorgan raised its 12-month price target for Bank of Queensland shares by 2.1% to $9.80.
Credit Suisse rated the company's shares with a more bullish outlook, adding 15% to $11.50. Based on the current share price, this implies an upside of approximately 19.5%.
Bank of Queensland share price summary
The last 12 months have seen Bank of Queensland shares continue their upward growth trajectory, up over 60%. Year-to-date has also lifted, gaining close to 28% for shareholders.
Bank of Queensland commands a market capitalisation of roughly $6.1 billion, making it the 88th largest company on the ASX.
