The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has been struggling over the last 8 weeks
It has dipped despite the regional bank releasing only seemingly positive news to the market.
Eight weeks ago, the Bendigo Bank share price finished its day's trade at $10.97.
At the time of writing, the bank's stock is trading for $9.28, 0.96% lower than its previous close and 15.4% lower than it was 8 weeks ago.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen 4.9% over the last 8 weeks.
Let's take a look at what's been driving Bendigo Bank's shares lower lately.
Bendigo Bank's stock struggles
The Bendigo Bank share price has been struggling on the ASX in recent weeks.
That's despite the bank posting strong results for financial year 2021 and announcing news of a $116 million acquisition.
On 16 August, the bank released its annual earnings report, detailing a seemingly strong 12 months ended 30 June 2021.
The bank's statutory net profit after tax increased by 172% on that of the prior financial year while its cash earnings after tax were up 51.5%. It also posted a 50 cent fully franked dividend.
At the same time, Bendigo Bank announced it was to acquire Ferocia, a Melbourne-based fintech, for $116 million.
Ferocia is one of the collaborative developers of Up, Australia's highest-rated banking app.
Unfortunately for Bendigo Bank, the market reacted poorly to the news it released on 16 August. The Bendigo Bank share price fell 9.9% on the back of the announcements.
Since then, its drooped another 7% despite silence from the bank.
Bendigo Bank share price snapshot
The poor performance over the last few weeks has plunged Bendigo Bank's stock back into the red on the ASX.
The bank's share price is currently 0.54% lower than it was at the start of 2021. However, it is 47% higher than it was this time last year.
