The Macquarie Group Ltd (ASX: MQG) share price has had a rough slog in 2022. Itâs plunged more than 19% year to date.
Does that mean the S&P/ASX 200 Index (ASX: XJO) is now a bargain buy? Read on to find out what brokers are tipping for the stock.
At the time of writing, the Macquarie share price is $168.94, 1.03% lower than its previous close.
For comparison, the ASX 200 is currently down 0.93% while the S&P/ASX 200 Financials Index (ASX: XFJ) has slumped 0.62%.
Macquarie share price slumps 19% this year
Macquarie has had a disappointing run on the market in 2022 so far.
Macquarieâs worst day on the market so far this year came on the back of the companyâs full year earnings.
It posted a 56% jump in profits and a 36% increase in operating income. However, that wasnât enough to sate the market. The Macquarie share price tumbled close to 8% on the bankâs results.
The stock has also likely been weighed down by rising inflation, three consecutive interest rate hikes, and, potentially, a $400 million capital raise.
Brokers bullish on Macquarie
Many brokers are expecting big things from the Macquarie share price, tipping the stock as a buy and predicting a notable upside.
Morgans is one such broker. It slapped the banking giantâs stock with a $215 price target and an add rating, my Fool colleague James reported earlier today.
On top of that, itâs tipping the bank to pay out $7.05 per share in dividends this financial year and $7.47 per share next financial year.
JP Morgans and Wilsons also liked the look of the bank last month, my colleague Zach reported.
The former assigned the bankâs shares a $218 price target and an overweight rating â representing a 29% upside on Macquarieâs current share price.
The post Down 19% in 2022. Is the Macquarie share price trading in the bargain bin? appeared first on The Motley Fool Australia.
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More reading
- Here are the 5 best ASX 200 bank shares of FY22
- Broker names 2 ASX 200 dividend shares to buy in July
- 4 ‘quality’ ASX shares to buy in scary times: expert
- I’m sticking by this ‘quality’ ASX share that’s fallen 20%: expert
- Why Macquarie shares could be a ‘quality cyclical at a discounted price’: expert
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. 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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