14/11/2023 09:29

Macquarie Group Ltd (MQG) $158.53

MQG fell -$4.22 in absolute terms on Monday, or -2.6%, but we should remember the stock traded ex-dividend $2.55, 40% franked. Hence, the stock only slipped -1%, including the dividend, which was not a major move in a weak market, although the current momentum isn’t good, and we can see a break to fresh 2-year lows unless we see a Christmas rally sooner rather than later.

Read more

08/11/2023 09:17

Macquarie Group Ltd (MQG) $159.29

Tuesday saw Macquarie (MQG) fall -1.5%, reversing early gains following the RBA decision, it was the 3rd worst-performing stock in our portfolio over the week. In August, they provided a quarterly trading update that foreshadowed some of the weakness that unfolded at their 1H24 result last Friday - three out of its four operating divisions are having a tougher time. This ‘flat spot’ has led to ongoing underperformance at the stock level, in line with the market characteristic since COVID where operational weakness is being shunned by investors.

Read more

03/11/2023 16:41

Macquarie Group (MQG) $163.24

MQG +1.78%: A softer-than-expected 1H24 result today driven mainly by weaker performance from Macquarie Asset Management (MAM) - net profit of $1.42bn was below consensus of $1.69bn and they declared an Interim dividend of $2.55, ahead of the $2.25 expected. While their overall guidance for the year suggests some stabilisation in 2H earnings.

Read more

17/10/2023 09:20

Macquarie Group Ltd (MQG) $167.67

MQG is still up for 2023, although it doesn’t feel like it, having seen the stock knock on the $200 door in February. MQG recently delivered a weaker-than-expected 1Q24 trading update, hence, we’ve tweaked our accumulate area down slightly. We believe this provides a buying opportunity into this quality business where management is confident of a stronger 2H.

Read more

22/09/2023 09:10

Macquarie Group (MQG) $169.88

MQG has trod water through most of 2023, although it's still up +3.8% year-to-date, outperforming all of the “Big Four” except ANZ Bank. MQG recently delivered a weaker-than-expected 1Q24 trading update, with three out of its four operating divisions disappointing the market. Still, we believe this provides a buying opportunity into this quality business where management is confident of a stronger 2H.

Read more

07/09/2023 09:06

Macquarie Group (MQG) $170.21

MQG fell -3.8% on Wednesday after its asset management arm downgraded its short-term outlook as it expects potential asset sales to push out into the 2H of the banks 2024 FY.

Read more

25/08/2023 09:36

Macquarie Group Ltd (MQG) $173.09

MQG  is up almost 4% year to date making it the best performing bank as we navigate a volatile August, they report and trade ex-dividend in November. In Julys AGM and 1Q24 trading update they flagged tougher trading conditions at the start of their fiscal year, clearly more negative than they generally are, however they also have a tendency to “under promise and over deliver”, which is what the market is hanging it’s hat on, hence the stocks held firm over recent months.

Read more

18/08/2023 09:07

Macquarie Group Ltd (MQG) $169.75

MQG fell -2% yesterday making it basically unchanged for 2023, not a great performance but its still better than all of the major & regional banks except for ANZ Bank (ANZ). We continue to like MQG but wouldn’t consider increasing our position until closer to the $160 area – note we remain mildly underweight in the Banking Sector at present.

Read more

27/07/2023 17:06

Macquarie (MQG) $175.03

MQG -4.37%: the investment bank hosted its AGM today which came with a soft 1Q update weighing on shares. The company said both market-facing and annuity-style sides of the business had difficult starts to the year with profit substantially down.

Read more

30/06/2023 09:08

Macquarie Group Ltd (MQG) $176.27

MQG has been the pick of the banks so far this year rallying +5.6% however after delivering a record result for FY23 including ROE of 16.9% the stock is currently trading above historical averages at a PE of ~14.1x – we believe this is warranted after the strong operational performance but not a good reason to increase our exposure.

Read more