The Bank of Queensland Limited (ASX: BOQ) share price has struggled in the last few days.
After closing yesterday’s trading session at $9.30, shares in the bank have tumbled more than 4% from their highs last Wednesday.
Let’s take a look at what’s been weighing down the Bank of Queensland share price.
Weaker market drags Bank of Queensland share price
The Bank of Queensland hasn’t released any price-sensitive news that could explain the slump in its share price.
As a result, weakness in the bank’s shares can be attributed to several factors
Firstly, general weakness in the broader market over the past few days could explain why the Bank of Queensland share price has struggled.
Concerns over the US economy triggered a broad market sell-off with many investors looking to take profits after a strong gain in 2021.
In addition, shares in the Bank of Queensland could be the victim of weaker sentiment across the banking sector.
More on the Bank of Queensland share price
Despite struggling over the past few days, shares in Bank of Queensland have had a stellar year thus far.
Since the start of 2021, the bank’s share price has gained more than 24%.
By comparison, the broader S&P/ASX200 Index (ASX: XJO) has only managed to claw 12% for the year.
There have been various catalysts that have helped propel the Bank of Queensland share price higher this year.
The Bank of Queensland has had a strong start to the first-half of FY21.
For the first-half, the bank recorded a 9% increase in cash earnings to $165 million and a 66% lift in statutory net profit after tax to $154 million.
The bank also boosted its interim dividend by 54% to 17 cents per share, fully franked.
In addition, shares in the bank received a boost after announcing its interest to acquire Money Equity (ME) Bank.
Following a capital raise, the Bank of Queensland received approval for the acquisition in early July.
Shares in the bank have also been on the receiving end of some positive broker reports.
Most recently, analysts at JPMorgan rated the Queensland-based bank as the third-best financial share on the market.