The Bank of Queensland Limited (ASX: BOQ) share price is continuing its poor form from last month. This is despite the company keeping a relatively low profile on the news front in recent times.
The regional bank’s shares dropped 12.49% in November. So far today Bank of Queensland shares are down 0.13% to $7.62.
In comparison, the S&P/ASX 200 Index (ASX: XJO) also ended November in the red, shedding 1.56% over the same timeframe. The benchmark index is hovering 0.4% lower to 7,212.5 points.
Let’s take a look at what might have weighed on Bank of Queensland shares lately.
What happened to Bank of Queensland shares in November?
The Bank of Queensland share price finished lower than it started last month, dragged down by negative investor sentiment.
The company did not release any price-sensitive market announcements to the ASX throughout November. However, broader market weakness coupled with the new Omicron COVID-19 variant put pressure on investor confidence.
This led Bank of Queensland shares to fall across the month. In particular, losses extended to 8 consecutive business days from 11 November to 22 November.
Furthermore, after the World Health Organisation reported the Omicron variant on 24 November, the company’s shares tumbled. In just 3 trading days, Bank of Queensland shares dropped 4% to a low not seen since January 2021.
Notably, senior executive and chair Patrick Allaway appeared to think that the company’s share price was trading at a bargain. Mr Allaway conducted an on-market trade, buying 10,000 Bank of Queensland shares at a price of $8.55 each in early November.
Non-executive director Mickie Rosen followed suit, also picking up 10,000 shares during the middle of the month at $8.50 apiece.
This could be considered an absolute steal given that a broker weighed in on the company’s shares on 2 December.
Although New Zealand’s Jarden reduced its outlook on Bank of Queensland shares by 5%, its price target stood at $9.60. Based on the current share price, this implies an upside of around 26%.
Bank of Queensland share price summary
The last 12 months have seen Bank of Queensland shares continue to move in circles, recording nil gains for the period. Year-to-date growth has also failed to take off, registering just 2% higher in 2021.
Bank of Queensland commands a market capitalisation of roughly $4.9 billion, with approximately 642.63 million shares outstanding.