Unstoppable! CBA share price smashes yet another record high

CBA shares are soaring to new record highs again today. But why?

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Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.

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The Commonwealth Bank of Australia (ASX: CBA) share price is at it again.

And by 'it', I mean breaking into new all-time high territory.

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock are up 0.9% in early afternoon trade on Wednesday, trading for $123.53 apiece.

If CBA stock closes in the green, as looks likely, this will mark the fourth consecutive trading day of gains for Australia's biggest bank.

It will also mark yet another record closing high.

This flies in the face of a growing chorus of bearish analysts' assessments.

Many analysts have recently said they believe all the big four ASX 200 bank shares are overvalued. And with a lofty price-to-earnings (P/E) ratio north of 21 times, CBA tends to catch the most flak.

But as witnessed by the new record high CBA share price today, investors don't appear to share those concerns.

The big four bank looks to be getting some support amid expectations that the level of bad loans may remain subdued. That's in part thanks to a range of cost-of-living relief measures contained in the federal budget, which should help stressed mortgage holders meet their payments.

Today's tepid quarterly GDP growth figures released by the ABS at 11:30am AEST have also upped the odds of earlier interest rate cuts from the Reserve Bank of Australia.

The CBA share price is up 0.25% since the GDP data hit the wires and up 26.7% in a year.

Take that bears!

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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