ASX financial shares continue to surge higher through June, recovering lost ground after a sudden drop in early April. The S&P/ASX 200 Financials Index (ASX: XFJ) opened 0.17% higher today and has gained 5.71% over the past month.
Over the past 5 years, the index has jumped 87.92%.
Meanwhile, the S&P/ASX All Ordinaries Index (ASX: XAO) opened 0.21% higher today, and is up 42.43% over the past 5 years.
The numbers are impressive, but one ASX All Ords stock has left the index gains behind.
This ASX All Ords stock price has rocketed
Generation Development Group Ltd (ASX: GDG) shares have surged throughout May and into early June. The stock opened flat at $5.86 on Wednesday morning and is up 163.03% over the year, in keeping with its long-term growth trend.
Over the past 5 years, the stock has gained an extraordinary 905%.
The price surge is due to a few different factors, all of which have provided strong tailwinds for the business.
GDG has posted consistently strong financial performance and earnings growth, which is backed by good return on equity. Both return on equity and earnings growth have outpaced the industry average over the past year.
More recently, the company's announcement of its strategic alliance with BlackRock has driven a wave of investors to buy the stock. Under the alliance, GDG will codesign and distribute Holistic Retirement Solutions tailored for Australian retirees.
As part of the alliance, BlackRock will acquire a $25 million minority stake through a share subscription at $4.15 per share.
The news follows GDG's acquisition of Evidentia Group earlier this year. The company said that following its acquisition of Evidentia, it is now the market leader across all segments of the managed accounts sector.
Overall, GDG and its share price continue to go from strength to strength. But the recent rally has made many investors pose the question: Can they go even higher?
What is next for the GDG share price?
It looks like there could be more to come for the GDG share price, thanks to positive sentiment and continued strong growth. Albeit, more share price growth is expected at a much slower rate.
According to analysts, one-year price forecasts for GDG have a maximum estimate of $6.04 and an average of $5.87. That represents a potential upside of as much as 4.10% from today's price.
Analysts maintain their buy or strong buy ratings.
