The Bank of Queensland Limited (ASX: BOQ) share price continued on its downwards trajectory in May.
This comes despite the company keeping a relatively low profile on the news front in recent times.
The regional bank’s shares dropped by about 7% in May. They finished today’s session down 1.06% at $7.48.
In comparison, the S&P/ASX 200 Index (ASX: XJO) also ended May in the red, shedding 3% over the same time frame. The benchmark index finished today’s session 0.8% lower at 7,175 points.
Let’s take a look at what might have weighed on Bank of Queensland shares lately.
What happened to Bank of Queensland shares in May?
The Bank of Queensland share price finished lower than it started last month, dragged down by negative investor sentiment.
Throughout May, the company did not release any price-sensitive market announcements. On 16 May, it provided a letter to shareholders from the CEO. The letter discussed some key elements of the bank’s progress following the release of the company’s half-year results on 14 April.
However, broader market weakness coupled with a global economic slowdown put pressure on investor confidence.
This led Bank of Queensland shares to fall across the month. In particular, the stock shed value over seven consecutive business days from 4 May to 12 May.
Most notably, the company’s share price fell to a 52-week low of $7.31 on 13 May before rebounding 2.3% higher.
It remains to be seen if Bank of Queensland shares can regain composure after such a volatile month.
Bank of Queensland share price summary
Over the past 12 months, the Bank of Queensland share price has predominately moved in circles, recording a loss of 16%. It has failed to gain any traction year-to-date and is down 10% for the period.
On valuation grounds, Bank of Queensland commands a market capitalisation of roughly $4.89 billion.
The post Why did the Bank of Queensland share price fall 7% in May? appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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