Here’s how the Bank of Queensland (ASX:BOQ) share price performed in February

The Bank of Queensland Limited (ASX: BOQ) share price is edging higher on the first trading day of March.

BoQ shares are currently up 0.2% to $8.02.

Yesterday, the Bank of Queensland share price finished off February closing at $8 per share. That represents a 4.7% gain from the closing bell on 31 January.

How did shares move in February?

There were no price-sensitive announcements released from the bank during the month. Or all year, for that matter.

But that didn’t keep the Bank of Queensland share price from making some big moves.

Shares hit a closing high of $8.47 on 17 February. At that stage, Bank of Queensland was up 10.9% for the month.

But as with the big 4 S&P/ASX 200 Index (ASX: XJO) banks, things began tracking the other way later in the month, with shares facing headwinds amid rising investor concerns over geopolitical instability in Eastern Europe.

Bank of Queensland shares have slid 6.1% since the 17 February near-term highs.

Brokers bullish on Bank of Queensland share price

During the course of the month, The Motley Fool reported on several bullish broker forecasts for the Bank of Queensland.

JP Morgan had a $9.80 target for the Bank of Queensland. The broker said that the bank appears “well positioned to deal with industry headwinds” in the year ahead. JP Morgan analysts said that following on from Bank of Queensland’s recent acquisition of ME Bank, its growth and efficiency prospects look strong.

Morgan Stanley, also rated Bank of Queensland shares as a buy, though with a slightly reduced new price target of $10. Part of that stems from the broker’s outlook for the bank’s dividend payments. Morgan Stanley forecasts that Bank of Queensland will pay a grossed-up dividend yield of 8.25% over the full 2022 financial year.

Meanwhile Macquarie also reduced its 12-month price target to $9.50, while Citi raised its forecast target for the Bank of Queensland share price to $10.50.

Whether the price revisions were slightly higher or lower, all the brokers are forecasting significant upside from Bank of Queensland’s current $8.02 per share.

When does the bank report half year results?

The Bank of Queensland’s financial half year ended yesterday, 28 February. But investors won’t receive those half year results until 14 April. (Put it on your calendar!)

The interim dividend will also be announced at that time, which could have an impact on the Bank of Queensland share price on the day.

As for what investors might expect, the market consensus estimate for net profit after tax (NPAT) comes in at just over $202 million for 1H FY22.

Consensus estimate for BoQ’s interim dividend is 24.3 cents per share (cps).

The post Here’s how the Bank of Queensland (ASX:BOQ) share price performed in February appeared first on The Motley Fool Australia.

More reading

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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 Bruce Jackson.

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