The Commonwealth Bank of Australia (ASX: CBA) share price is edging lower in early afternoon trade, down 0.53% to $104.39 per share.
If shares close in the red today, that will mark 3 days of losses and 2 of gains for the big 4 bank this week. Fortunately for shareholders, the gains outstrip the losses leaving the CBA share price up 2.43% for the week, at time of writing.
Here's why the bank was in the news this week.
Image source: Getty Images
What's been happening with the CBA share price this week?
The CBA share price closed up 1.6% on Monday. That was the day CommBank announced its funds management division, Colonial First State (CFS), was going to team up with global asset manager, Blackrock.
As The Motley Fool reported, "The partnership with Blackrock relates to the 'FirstChoice Lifestage' portfolios. This is for CFS' MySuper products, FirstChoice Employer Super and Commonwealth Essential Super."
Commenting on the rationale behind the partnership, CFS said:
Partnering with BlackRock and utilising their global scale and international investment skills, technology capabilities and consistent track record of delivering competitive returns, will allow us to improve the performance of our MySuper products more quickly.
What to expect from the CBA's quarterly results?
On Tuesday, my Foolish colleague James Mickleboro, analysed a broker note from Bell Potter, reporting that its analysts expect a "decent" performance from the bank's Q1 FY22 results, due out next month.
And Bell Potter remains bullish on the bank's outlook for the full 2022 financial year. The analysts forecast a full year cash profit of $9.5 billion, a year-on-year increase of 9.6%, along with a 16% boost in the FY22 dividend.
Bell Potter also forecasts a big lift in the CBA share price, with a price target of $118 per share.
But not all analysts are equally optimistic about the bank's value.
Mickleboro noted that, "One of the most bearish brokers is Morgans. According to a recent note, its analysts have a reduce rating and $80.00 price target on the shares of Australia's largest bank."
If Morgans is right, that implies the CBA share price could fall by some 24% over the next 12 months.
CBA share price snapshot
The CBA share price has been an outperformer in 2021, up 25%. That's more than twice the 11% year-to-date gains posted by S&P/ASX 200 Index (ASX: XJO).
Over the past month CBA shares are up 5%.
