It's been a fairly decent day for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. After yesterday's carnage, the ASX 200 is in the green today, up a robust 0.36% at the time of writing to back over 7,100 points. But it's been a sadder day for the Bank of Queensland Limited (ASX: BOQ) share price.
Bank of Queensland shares have recorded a nasty 2.85% loss for the day so far. This ASX 200 bank share is currently trading at $7.16 a share. That share price happens to be right on BOQ's new 52-week low.
To be fair, it's been a tough day for ASX 200 banks all around. All four of the major banks are well in the red today. Commonwealth Bank of Australia (ASX: CBA) is leading the losses with a painful 4.21% plunge to pull the bank back under $100 a share.
As the Fool covered this morning, this weakness amongst the ASX 200 banking sector appears to have been driven by the Reserve Bank of Australia (RBA)'s shock 50-basis point interest rise yesterday.
But now that BOQ is at a new 52-week low, there might be some value investors out there wondering if we are seeing a buying opportunity today. Or perhaps income investors too. After all, this share price slide has boosted BOQ's trailing dividend yield to an eye-catching and fully franked 6.14%.Â
Well, let's see what one ASX broker reckons.
Is the Bank of Queensland share price a buy today?
As my Fool colleague covered just yesterday, ASX broker Morgans is eyeing off BOQ shares. Morgans currently rates Bank of Queensland as a "buy", with a 12-month share price target of $11. That would mean an upside of more than 50% over the next year if Morgans proves accurate with its target.
Morgans is bullish on BOQ over the early successes it is seeing with its transformation program, as well as its "above-system growth" and the cost synergies from the recent ME Bank acquisition.
Not only that, but Morgans reckons BOQ is well placed to keep its dividends coming. It is anticipating dividend raises in FY2022 and again in FY2023.
No doubt existing BOQ shareholders will be very excited after reading these predictions. But only time will tell if they prove to be accurate.
In the meantime, the current BOQ share price gives the Bank of Queensland a market capitalisation of $4.64 billion.Â
