The National Australia Bank Ltd (ASX: NAB) share price inched higher today to finish 0.69% in the green at $30.85.
NAB shares have taken off hard in 2022. They are trading at 52-week highs after a reshuffling of investor capital on the Australian markets since trading began on January 4.
Additionally, the Aussie banking giant is also trading at multi-year highs, surpassing peaks reached in 2018 and 2021. Let's take a closer look.
What's happening with NAB?
Investors and analysts have been constructive on the NAB share price since the bank released its first-quarter update earlier this month.
The key standout was the bank smashing estimates on cash earnings and faring better at the net interest margin level than what was expected.
Analysts were immediately onto the gravy train with bullish updates to clients. JP Morgan noted the bank has the run rate to hit 1H profit guidance of $3.2 billion.
The team at Citi was also impressed by the bank's results, with the broker's research team highlighting NAB's "peer-leading" 5% underlying growth.
It expects upgrades to consensus forecasts both in earnings and with respect to valuing the share price.
Goldman Sachs didn't shy off either and held its buy rating on the stock, valuing the company at $31.33 in the process.
The broker likes NAB among the other majors and reckons it is focused more on customer experience with its recent cost management initiatives.
Meanwhile, the team at Bell Potter agrees, baking in a juicy 4% dividend yield for investors to look forward to over the coming period. Not to mention it values the bank at $32.50 per share.
Not only that, but the bank made headlines recently regarding its Project Carbon, newly renamed Carbonplace, during yesterday's session.
Market pundits appeared to be impressed by the platform attracting so much institutional interest and the fact that Carbonplace will be trading carbon credits.
With a wave of fundamental momentum behind the company, it appears sentiment is bullish for the NAB share price.
NAB share price snapshot
The NAB share price has gained more than 14% since the start of February. It is also up around 7% this year to date and more than 8% over the past week.
In the last 12 months, NAB shares have gained more than 20%.
