Commonwealth Bank of Australia (OTCMKTS:CMWAY) Sets New 12-Month High - Here's What Happened

Key Points

• 52-week high: Commonwealth Bank of Australia ADR (OTCMKTS:CMWAY) reached a new 52-week high of $130.00, last trading around $125.97 and up about 3.7% on volume of 1,999 shares.
• Analyst outlook: Zacks upgraded the stock to a "strong-buy," and the consensus rating is a "Moderate Buy" with a consensus price target of $130.18 (one Strong Buy, one Sell).
• Company profile and momentum: CBA is one of Australia's largest banks with ADRs trading as CMWAY, and its 50-day and 200-day moving averages ($119.77 and $111.18) indicate sustained upside momentum.

Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $130.00 and last traded at $125.9650, with a volume of 1999 shares changing hands. The stock had previously closed at $121.47.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Commonwealth Bank of Australia from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $130.18.

Commonwealth Bank of Australia Trading Up 3.7%

The firm has a 50-day moving average price of $119.77 and a 200 day moving average price of $111.18.

Commonwealth Bank of Australia Company Profile

Commonwealth Bank of Australia is one of Australia's largest banking and financial services organizations, offering a broad range of products for individual, business and institutional customers. Established by the federal government in 1911, the group has grown into a diversified financial services company that provides everyday banking, lending, payments, wealth management and insurance solutions. The company's securities are listed on the Australian Securities Exchange and it also has American Depositary Receipts trading OTC under the symbol CMWAY.

Core activities include retail and business banking—deposit accounts, transaction services, mortgages, credit cards and personal and commercial lending—alongside institutional banking services such as corporate finance, markets and transaction banking.

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