The National Australia Bank Ltd. (ASX: NAB) share price is zipping higher today despite no recent news from the company.
At the time of writing, the banking giant's shares are up 2.54% to $31.88 apiece.
In contrast, the S&P/ASX 200 Financials (ASX: XFJ) is also in the green, climbing 1.14% to 6,615.7 points.
Although investors are currently upbeat, it isn't the only major bank to see its shares tick up a notch.
The Commonwealth Bank of Australia (ASX: CBA) share price is lifting 1.5%, while Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have risen 1.78% and 1.2%, respectively today.
Let's take a look at what's driving NAB shares higher.
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NAB shares on the rebound?
Positive investor sentiment is driving up the NAB share price as the market moves into a post-COVID recovery phase.
The bank's shares briefly took a hit earlier this month following the broader sell-off on the ASX. However, with interest rates on the rise which will likely boost NAB's revenues, bargain hunters have been swopping in.
A couple of brokers weighed in on the NAB share price around 3 weeks ago.
The team at JPMorgan raised its 12-month price target for the bank's shares by 3% to $34.50 apiece. It appears that the broker believes that NAB is undervalued at the moment, with investors agreeing alike given the current share price.
On the other hand, analysts at Macquarie had a similar take, raising its rating by 4.6% to $34 Based on the bank's share price, this implies an upside of roughly 6.6% from where it trades today.
NAB share price summary
Adding to its impressive gains, the NAB share price has accelerated by 20% in the past year.
It's worth noting that at today's prices, the company's shares are trading above pre-COVID-19 levels.
NAB commands a market capitalisation of roughly $98.80 billion, making it the fourth largest company on the ASX.
