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Banking gains! NAB share price hits yet another 52-week high

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It’s a pretty happy day all round on theS&P/ASX 200 Index (ASX: XJO). The ASX 200 is currently up by a decent 0.39% at just over 7,360 points. But it’s an even happier day for the National Australia Bank Ltd. (ASX: NAB) share price.

NAB shares are currently up by an even more pleasing 0.93% as it currently stands today. That puts the NAB share price at $31.51 right now. But earlier today, this ASX bank share went as high as $31.66 a share. That high point is also a new 52-week high for the ASX’s second-largest bank. 

It was only on Monday that NAB last hit a new 52-week high. That one was $31.46, so today’s high just squeaks by that mark. These latest heights cap off what has been a stellar run for NAB shares. Despite the gyrations of the ASX 200 over 2022 thus far, it has been a year of relatively smooth sailing for NAB. The ASX 200 big four bank is now up a healthy 7.2% year to date, as well as a very robust 21.5% over the past 12 months. It’s also up more than 100% over the past two years. 

The last time NAB shares were at today’s levels was back in late 2017, so we can call today’s new 52-week high a new 4-and-a-half year high as well. But alas, it’s still not close at all to an all-time high for NAB. It’s difficult to picture in light of recent history, but if we cast our minds back to late 2007, NAB shares were going for over $41. So we’re still a long way off those kinds of levels. 

There hasn’t been any major news out of NAB that might easily explain these new highs. However, this banking share has been the recipient of some broker love recently. As my Fool colleague Brendan covered earlier this week, broker Morgan Stanley has recently upped its 12-month share price target for NAB to $31.50 a share. Seeing as NAB shares crossed that pricing threshold today, it looks as though at least some investors were listening. 

At the current NAB share price, this ASX 200 bank has a market capitalisation of $99.6 billion, with a dividend yield of 4.03%. 

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