Thursday proved to be a good day for many shares on the market, with the S&P/ASX 200 Index (ASX: XJO) gaining 0.64% and the All Ordinaries Index (ASX: XAO) finishing 0.69% higher.
And while the S&P/ASX 200 Financials Index (ASX: XFJ) also finished in the green – having gained 0.13% – some of its constituents flopped to long forgotten lows.
Let’s take a look at 2 ASX 200 financial shares that tumbled to their lowest in more than 12 months.
These ASX 200 financial shares fell to 52-week lows today
Zip Co Ltd (ASX: Z1P)
The Zip share price plunged to yet another 52-week low on Thursday as multiple brokers posted bearish outlooks for the stock.
As The Motley Fool Australia reported today, UBS, Citi, and Macquarie are all warning the stock could slide.
While UBS slapped the ASX 200 company’s shares with a $1 price target and a ‘sell’ rating, Macquarie was slightly more optimistic, hitting it with a $1.85 price target.
Meanwhile, Citi analysts don’t believe the company’s acquisition of Sezzle Inc (ASX: SZL) will bring the extent of benefits the buy now, pay later (BNPL) providers predict.
The Zip share price fell to a low of $1.87 today. That’s 4% lower than where it closed Wednesday’s session.
Pendal Group Ltd (ASX: PDL)
There’s been no such clear cut happening to explain the fall of the Pendal share price today.
The investment management company’s stock slumped 1.7% in intraday trade to reach a new 52-week low of $4.42. That’s 50% lower than the 52-week high it reached in September.
It’s been a rough few months on the market for the ASX 200 share.
Its stock tumbled 10% in mid-October when the company released a funds under management update, detailing a $2.3 billion outflow.
It slumped another 16% in January on the back of another funds under management update, noting a $6.8 billion outflow.
The post 2 ASX 200 financial shares that hit 52-week lows on Thursday appeared first on The Motley Fool Australia.
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More reading
- Top brokers name 3 ASX shares to sell today
- Why Coles, Dusk, Monadelphous, and Zip shares are dropping today
- Zip (ASX:Z1P) shares have tumbled 14% since the merger news. Top brokers offer possible reasons why
- ASX 200 (ASX:XJO) midday update: Corp Travel Management’s ACCC boost, Zip downgraded
- Why Domino’s, Magellan, PointsBet, and Zip shares are falling
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. 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 Bruce Jackson.
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