Why is the Bank of Queensland share price getting a caning on Monday?

The Bank of Queensland Ltd (ASX: BOQ) share price is underperforming its peers on Monday despite no news coming from the bank today.

Indeed, it’s currently the worst performing S&P/ASX 200 Index (ASX: XJO) bank share on Monday, slipping 1.73%.

The Bank of Queensland share price is currently trading at $7.39.

For context, the ASX 200 is up 0.69% while the S&P/ASX 200 Financials Index (ASX: XFJ) has gained 0.03%.

Let’s take a look at what might be weighing on the Queensland bank’s stock today.

Bank of Queensland stock fails to gain traction

Bank of Queensland is suffering on the ASX on Monday amid news the stock’s been downgraded by a top broker.

Goldman Sachs has downgraded the bank’s shares to a ‘neutral’ rating with an $8.16 price target, as reported by the Australian Financial Review.

It comes after my Fool colleague James reported Citi is tipping brighter skies for the Bank of Queensland share price. The broker thinks the stock is a ‘buy’, stamping it with a price target of $8.75.

But the regional bank isn’t alone in the red. In fact, aside from Bendigo and Adelaide Bank Ltd (ASX: BEN) and Westpac Bank Corp (ASX: WBC), all the majors are sliding lower today.

Shares in Macquarie Group Ltd (ASX: MQG), Australia and New Zealand Banking Group Ltd (ASX: ANZ), and National Australia Bank Ltd (ASX: NAB), have fallen 0.84%, 0.7%, and 0.29% respectively. Meantime, the Commonwealth Bank of Australia (ASX: CBA) has edged 0.2% higher at the time of writing after spending most of the day in the red.

Meanwhile, Bendigo Bank and Westpac are posting gains of 1.6% and 0.56%.

Bank of Queensland share price snapshot

2022 is proving to be a hard slog for the Bank of Queensland share price.

The stock has plunged 9% since the start of the year. That’s a worse performance than the 8% year-to-date loss recorded by the ASX 200.

It has also slumped 18% since this time last year compared to the index’s 7% fall.

The post Why is the Bank of Queensland share price getting a caning on Monday? appeared first on The Motley Fool Australia.

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Citigroup 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 positions in and has recommended Goldman Sachs. The Motley Fool Australia has positions in 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 Scott Phillips.

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