The Macquarie Group Ltd (ASX: MQG) share price has underperformed so far this month.
The S&P/ASX 200 Index (ASX: XJO) giant's stock has slumped 8.73% since the end of April. As of Monday's close, the Macquarie share price is $188.12.
For context, the ASX 200 has dipped just 2.08% this month while the S&P/ASX 200 Financials Index (ASX: XFJ) has dropped 1.59%.
So, what's been weighing on the banking major's stock this month? Let's take a look.
What's been going wrong for Macquarie this month?
The Macquarie share price has been struggling following the release of disappointing full year results earlier this month.
It was a result that many ASX companies would be envious of. The investment banking giant reported its net profit had jumped 56% to around $2.66 billion over the 12 months ended 31 March. Its total operating income also rose 36% to approximately $17.32 billion.
Finally, Macquarie offered shareholders a fully franked $3.50 final dividend for the period – a 40% increase on that of the prior period.
However, its seemingly strong result wasn't enough to impress the market.
The Macquarie share price tumbled 7.78% on 6 May – the day on which its results were released. To add salt to the wound, it slipped another 3.68% over the following two sessions.
As The Motley Fool Australia reported at the time, Goldman Sachs expected more from the ASX 200 monolith.
It expected Macquarie to report $2.8 billion of profits and a $4.40 per share dividend.
Unfortunantly, the Macquarie share price hasn't been able to make up the ground lost during the first few weeks of this month just yet.
Though, it has gained nearly 5.5% over the last two sessions. At least that points to the stock potentially ending the month on a high.
Macquarie share price snapshot
The Macquarie share price is currently 8% lower than it was at the start of 2022.
Though, it has gained 23% since this time last year.
