The Bank of Queensland Ltd (ASX: BOQ) share price fell behind its peers today despite no announcements from the company.
At close of trade on Monday, shares in the regional bank finished down 3.95% to $7.06.
For context, the S&P/ASX 200 Banks (ASX: XBK) industry also headed south on Monday, closing down 1.26%.
Shares in other major banks Commonwealth Bank of Australia (ASX: CBA) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) finished down 0.99% and 1.13%, respectively.
However, National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) suffered slightly further falls, down 1.23% and 1.71%, respectively.
Why did Bank of Queensland shares fare worse than the other banks?
Investors appear to sell off Bank of Queensland shares on the back of a negative broker note.
According to ANZ Share Investing, the team at Jefferies downgraded Bank of Queensland shares to an underperform rating.
Furthermore, its analysts cut the price target by 3.4% to $5.70 per share. Based on the current share price, this implies a downside of around 20%.
It appears the broker believes the company's shares have some way to fall following the release of its APRA Basel III Pillar 3 report.
Goldman Sachs also lowered its outlook on Bank of Queensland shares earlier this month to a neutral rating.
The United States-based investment house slashed its price target by 9.4% to $8.16, which is above the current share price.
Despite the upside, the uncertain economic environment mixed with investor fear regarding the Fed Reserves' comments is causing bearish sentiment.
Bank of Queensland share price snapshot
Adding to the already tough week, the Bank of Queensland share price is down 24% over the last 12 months.
However, when looking at year to date, its shares are down 12.7%.
Based on today's price, Bank of Queensland commands a market capitalisation of roughly $4.57 billion.
