The Macquarie Group Ltd (ASX: MQG) share price has surged 15% in a month, so is it still a buy?
The Macquarie share price is currently trading at $201.86, a 1.6% drop. For perspective, the S&P/ASX 200 Financials Index (ASX: XFJ) is falling 0.81% at the time of writing.
Let's take a look at the outlook for Macquarie.
Is Macquarie a buy?
Analysts have mixed views on the future direction of the Macquarie share price.
WaveStone Capital principal and portfolio manager Raaz Bhuyan says Macquarie shares are a buy.
In an interview with Livewire, Bhuyan said:
It's definitely a buy for us. We think they're going to have a cracking result in May when they announce their full-year results. Next year, of course, is another thing, but we like the exposure that they've got to infrastructure and the green transition.
However, Perpetual portfolio manager James Rutledge thinks the Macquarie share price is a hold. While he tips that Macquarie will benefit "a lot" from current market volatility, he also has concerns.
Rutledge said:
For a business that is delivering mid to high teens returns, and is being priced at three and a half times price to net tangible assets (NTA), that's quite a high level for us. And you need to see them deploying more capital to justify those high prices.
Marcus Today portfolio manager Ben O'Leary recently told my Foolish colleague Tony that he would hold Macquarie if the market closed tomorrow for four years. He said, "They just have a track record of making money in almost any environment."
In other news, Macquarie recently modified its portfolio of ASX shares in response to the Ukraine crisis. The company has positioned its share portfolio "as if it's a commodity boom".
Macquarie share price snapshot
The Macquarie share price has soared 33% in the past year but has dropped 4.4% year to date. In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned about 7.5% in the past year.
Macquarie has a market capitalisation of about $78.7 billion based on its current share price.
Macquarie will report its full-year earnings results on 6 May.
