The Bank of Queensland Ltd (ASX: BOQ) share price is having a tough day on the market.
The bank’s shares are currently swapping hands at $8.255, a 2.88% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.43% at the time of writing.
So what is causing the company’s shares to drop today?
Broker downgrades
The Bank of Queensland share price could be struggling due to two recent broker downgrades.
Today, Ord Minnett downgraded the bank’s shares to a hold rating. And, on Friday, Macquarie downgraded BOQ shares to a neutral rating from outperform. Macquarie also cut the price target on the bank to $9.
Looking at the wider market, the S&P/ASX 200 Financials Index (ASX: XFJ) is also in the red today, down 0.14%.
Bank shares are a mixed bag on the ASX today. The Commonwealth Bank of Australia (ASX: CBA) share price has slipped 0.59% at the time of writing. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) is 0.22% lower and National Australia Bank Ltd (ASX: NAB) is down 0.62%. However, Bendigo and Adelaide Bank Ltd (ASX: BEN) is up 0.68%, Westpac Banking Corp (ASX: WBC) share price is edging 0.08% in the green, and Macquarie Group Ltd (ASX: MQG) is flat at the time of writing.
In today’s news, Bank of Queensland has selected Honey Insurance to offer home insurance to its 400,000 customers. In a release cited by Insurance Business Australia, the companies said:
Together BOQ and Honey have created a unique and innovative offering focussed on transforming how customers buy insurance and solving pain points by making the experience seamless.
Bank of Queensland share price snapshot
The Bank of Queensland share price is up 2% year to date but has lost nearly 5% in the past 12 months. In the last month, it has gained almost 6% although it has fallen 2% in a week.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 10% in the past year.
The banking share has a market capitalisation of about $5.3 billion based on the current share price.
The post Why is the Bank of Queensland (ASX:BOQ) share price slipping today? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Bank of Queensland right now?
Before you consider Bank of Queensland , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bank of Queensland wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Why Air NZ, Bank of Queensland, Domain, and Perpetual shares are dropping
- ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high
- Why Bank of Queensland, Block, Premier Investments, and REA shares are dropping
- How did ASX 200 bank shares perform today?
- BOQ share price punches 8% higher in March to sprout into the green
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/ZIwk2ri
Leave a Reply