Bank of Queensland Limited (ASX: BOQ) shares are up 66% in the past 12 months. Shares in the Aussie regional bank have been surging and are outperforming the S&P/ASX 200 Index (ASX: XJO) and many of its peers.
So, what's pushing BOQ's valuation higher right now and how does it stack up against the Big Four?
Why Bank of Queensland shares are up 66% in the past 12 months
In general, the last 12 months have been good for ASX shares. The ASX 200 has climbed 23.7% higher over that period aided by significant monetary and fiscal policy stimulus.
Easing coronavirus restrictions in late 2020 have certainly helped. Shares in a broad range of industries including resources, technology and financials have all been on fire in the past year.
Bank of Queensland shares are chief among those outperformers. In fact, the Queensland-based bank has outperformed all of its Big Four rivals in the last year.
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 59.6% in the last 12 months. It's a similar story for National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC), up 53.5% and 49.5%, respectively.
Bank of Queensland shares are even beating Commonwealth Bank of Australia (ASX: CBA) shares over this period, with the CBA share price adding 61.3%.
It's good news for shareholders who have come along for the ride. One of the biggest shake-ups in the last year was the bank's $1.325 billion acquisition of Members Equity (ME) Bank.
Interestingly, one broker believes that Bank of Queensland shares have further to run. Analysts at JP Morgan currently rate the regional bank as 'Overweight' and see further growth from the recent acquisition.
Foolish takeaway
The past year has been a good one for Bank of Queensland shares and the bank's investors. Shares in the regional bank have surged higher and are a strong outperformer amongst ASX bank shares.
