Shares in Bank of Queensland Limited (ASX: BOQ) have re-staked their claim in the green and have climbed more than 8% in the past month.
ASX financials have strengthened tremendously in March and are now almost on par with most names in resources and mining.
In particular, the S&P/ASX 200 Financials Index (ASX: XFJ), up around 100 basis points today, has spiked more than 9% in the past month and is up 5% since January.
That’s well ahead of the benchmark S&P/ASX 200 Index (ASX: XJO) in that same time. BOQ is clearly outpacing the broader market.
What’s up with the BOQ share price?
Strength across the financials sector has strung BOQ shares up for the last month at least, particularly as the bank hasn’t released anything sensitive at all.
The prospects of higher interest rates and potential return of capital to shareholders has market pundits piling into the sector and names like BOQ are riding the momentum.
The result has been a swarm of inflows into ASX financial shares and ETFs and those early movers have seen their holdings climb steadily over the past 2 to 3 months.
BOQ shares are now in a vertical uptrend alongside the wider sector as the market begins re-weighting its preferences amid the current macroeconomic climate.
As such, analysts at Morgans reckon there is exceptional value in BOQ right now, and remain bullish with an $11 price target.
The view is shared by JP Morgan whom reckon the market will eventually begin to realise the pull-through from BOQ’s new digital strategy.
It remains the broker’s preferred pick out of the regional Australian banks, alongside several other brokers, with the sentiment overwhelmingly bullish, according to Bloomberg data.
The BOQ share price has climbed 1% back in the green over these past 12 months and is now trading 7% higher this year to date.
The post BOQ share price punches 8% higher in March to sprout into the green appeared first on The Motley Fool Australia.
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More reading
- Bank of Queensland (ASX:BOQ) tipped for both share price and dividend boost
- Why has the Bendigo Bank (ASX:BEN) share price been smashing BOQ in 2022?
- The Bank of Queensland (ASX:BOQ) share price has rallied 11% in 2 weeks
- Brokers: Buy these 2 underrated ASX dividend shares
- Are Bank of Queensland (ASX:BOQ) shares cheap right now? Read what analysts say
Motley Fool contributor Zach Bristow 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 Bruce Jackson.
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