Can the Bendigo Bank (ASX:BEN) share price stick above the $10 mark?

Bendigo Bank shares edged above $10 for the first time this month today. But can they go higher?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • The Bendigo Bank share price finished in the green today
  • One broker has recently upgraded the price target on the bank's share 
  • ASX bank shares closed ahead today after the US reserve raised rates 

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price climbed today, but can it get higher?

The bank's shares nudged over the $10 mark on Thursday to close at $10.03, a 0.5% gain.

Let's take a look at what is happening at Bendigo Bank.

A youngA young boy dressed as a nerd wears a makeshift helmet and invention which uses many calculators to compute his solutions.

Image source: Getty Images

Broker upgrade

Credit Suisse has recently upgraded the bank to "outperform", The Australian reported. The analysts have an $11.10 target price on the bank.

This is 10% more than the current share price. Bendigo Bank will be offering a fully franked dividend of 26.5 cents per share on 31 March. This is 12.8% more than the prior corresponding half of H1 FY21.

Morgans has also recently upgraded the bank's shares to equal weight from underweight, as my Foolish colleague Aaron reported recently. Jarden Australia has also lifted its price target on the bank's shares.

Bendigo Bank reported positive H1Y22 results in the latest reporting period and its shares jumped nearly 2% on the back of these results. Profit surged a massive 31.7% to $321.3 million. Bendigo Bank revenue increased 8.5% while cash earnings jumped by 18.7% to $260.7 million.

Many ASX bank shares also jumped today. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price climbed 1.32%, National Australia Bank Ltd (ASX: NAB) jumped 1.27%, and Commonwealth Bank of Australia (ASX: CBA) leapt 1.33%.

The US Federal reserve raised interest rates by 0.25% in a meeting on Wednesday in America. AMP chief economist Shane Oliver said the Reserve Bank of Australia will follow in their footsteps, the Sydney Morning Herald reported.

Dr Oliver stated:

The RBA will soon follow the Fed in starting to raise interest rates. We expect the first hike to come in June taking the cash rate to 0.25 per cent, with three hikes in total this year taking it to 0.75 per cent by year end.

Bendigo Bank share price snapshot

The Bendigo Bank share price has gained nearly 3% in the past 12 months but has surged 10% this year to date.

In the past month, Bendigo Bank shares have fallen 0.4%, but have risen 8% in the past week.

Bendigo Bank has a market capitalisation of $5.6 billion based on the current share price.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

Nervous customer in discussions at a bank.
Bank Shares

Here's how much CBA shares would have to fall for a 4% dividend yield

What would it take for CBA to get back to a proper bank dividend yield?

Read more »

Bank building with the word bank in gold.
Bank Shares

ANZ share price rises 5% on 3Q FY26 update

Investors are looking past a 12% fall in the value of home loan applications since the Federal Budget.

Read more »

A bland looking man in a brown suit opens his jacket to reveal a red and gold superhero dollar symbol on his chest.
Bank Shares

Revealed: The ASX bank share with the highest dividend yield today

The highest-yielding bank right now might surprise you.

Read more »

Woman on her phone with a view of the Sydney Harbour Bridge in the background.
Bank Shares

Are CBA shares a buy after its results?

The result gave me more reasons to like CBA's business, while also highlighting one area that could become tougher.

Read more »

Two men in suits face off against each other in a boxing ring.
Bank Shares

CBA vs NAB: Which ASX bank stock has made investors richer over the past year?

CBA and NAB are the largest bank stocks on the ASX by market cap.

Read more »

Buy, hold, and sell ratings written on signs on a wooden pole.
Opinions

With cash profits jumping to $11 billion, are CBA shares now a buy, hold or sell?

CBA enjoyed a very profitable FY 2026. But is the ASX 200 bank stock a buy for FY 2027?

Read more »

Hand holding Australian dollar (AUD) bills, symbolising ex dividend day. Passive income.
Bank Shares

Everything you need to know about the CBA dividend

Let’s look at what payout Commonwealth Bank shareholders can expect.

Read more »

A woman wearing a yellow shirt smiles as she checks her phone.
Earnings Results

Commonwealth Bank of Australia share price on watch as profit and dividend rise in FY26

CBA has declared a fully franked final dividend of $2.70 per share.

Read more »