The Macquarie Group Ltd (ASX: MQG) share price has had a rough slog in 2022. It's plunged more than 19% year to date.
Does that mean the S&P/ASX 200 Index (ASX: XJO) is now a bargain buy? Read on to find out what brokers are tipping for the stock.
At the time of writing, the Macquarie share price is $168.94, 1.03% lower than its previous close.
For comparison, the ASX 200 is currently down 0.93% while the S&P/ASX 200 Financials Index (ASX: XFJ) has slumped 0.62%.
Macquarie share price slumps 19% this year
Macquarie has had a disappointing run on the market in 2022 so far.
Macquarie's worst day on the market so far this year came on the back of the company's full year earnings.
It posted a 56% jump in profits and a 36% increase in operating income. However, that wasn't enough to sate the market. The Macquarie share price tumbled close to 8% on the bank's results.
The stock has also likely been weighed down by rising inflation, three consecutive interest rate hikes, and, potentially, a $400 million capital raise.
Brokers bullish on Macquarie
Many brokers are expecting big things from the Macquarie share price, tipping the stock as a buy and predicting a notable upside.
Morgans is one such broker. It slapped the banking giant's stock with a $215 price target and an add rating, my Fool colleague James reported earlier today.
On top of that, it's tipping the bank to pay out $7.05 per share in dividends this financial year and $7.47 per share next financial year.
JP Morgans and Wilsons also liked the look of the bank last month, my colleague Zach reported.
The former assigned the bank's shares a $218 price target and an overweight rating – representing a 29% upside on Macquarie's current share price.
