Here’s how Macquarie compares to its financial sector peers so far this year.
The post Here’s how the Macquarie (ASX:MQG) share price has performed against the financial sector appeared first on The Motley Fool Australia. –
The Macquarie Group Ltd (ASX: MQG) share price has performed reasonably well so far this year, but how does it stack up against its peers in the financial sector.
Often dubbed the fifth-biggest bank, Macquarie is 14.7% higher than where it was at the beginning of 2021. That means shareholders can happily say they’ve outperformed the S&P/ASX 200 Index (ASX: XJO) so far this year.
However, when it comes to the financial sector, Macquarie has been outpaced.
ASX financial shares comparison
ASX-listed shares in the financial sector have had a stellar year in 2021. The only sector currently exceeding its gains is the discretionary sector. Though, the Macquarie share price hasn’t led the pack. In fact, it finds itself on the fourteenth run of the ladder for the year so far.
What about the Macquarie share price?
It was a soft start to the year for the Macquarie share price, falling ~6% in January. This was quickly reversed in February after the company posted its third-quarter results.
Notably, the investment bank’s annuity businesses’ quarter net profit contribution was up on the prior corresponding period.
The Macquarie share price continued to rally throughout March and April as it approached its FY21 results. In this result, Macquarie disclosed a 10% increase in net profit to $3.02 billion. Additionally, the bank announced a juiced-up dividend of $3.35 per share – up 86.1%.
Lastly, July has been a good month for the Macquarie share price. Analysts at Morgan Stanley retained their overweight rating on the investment bank this month. Additionally, the broker maintained its $175 price target.
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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hub24 Ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Austbrokers Holdings Limited and Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.