The Bendigo and Adelaide Bank (ASX: BEN) share price closed lower today, falling further than other ASX 200 banks amid a broker downgrade.
Bendigo Bank shares slipped 3.08% to finish at $8.50 apiece. For perspective, the S&P/ASX 200 (ASX: XJO) gained 0.23% today.
Let's take a look at how Bendigo Bank and other ASX 200 bank shares fared on Wednesday.
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What's impacting ASX 200 bank shares?
Bendigo Bank shares were not the only ASX 200 bank shares to fall today. National Australia Bank Ltd (ASX:NAB) shares closed down 2.24%, while Westpac Banking Corporation (ASX: WBC) slid 0.74% and Bank of Queensland Ltd (ASX: BOQ) shares fell 1.7%.
However, Commonwealth Bank of Australia (ASX: CBA) shares climbed 0.29%, while ANZ Group Holdings Ltd (ASX: ANZ) shares closed a slim 0.09% higher.
Bendigo Bank shares fell amid broker UBS placing a "sell" rating on Bendigo shares with an $8 price target. This implies a downside of about 5.9% based on today's closing price.
Commenting on the banks, UBS analyst John Storey said, cited by The Australian:
Recent events in the US and Europe in our view have lowered the confidence threshold of investors for banks in their portfolios.
Australia is no different, with the ASX banking index now down about 6.5 per cent year-to-date compared to the market falling 1.5%.
UBS has also cut NAB to a sell with a $25 price target, while Westpac has been slashed to neutral with a $22.50 price target, the Australian Financial Review reported.
UBS still rates ANZ a buy but with a lowered $25 price target, while CBA's neutral rating has been maintained with a slightly lower price target of $100. Meanwhile, Bank of Queensland has also been downgraded to sell with a $6 price target.
Share price snapshot
The Bendigo Bank share price has fallen 17% in the last year. In the past month alone, Bendigo Bank shares have declined 13%.
Bendigo Bank has a market capitalisation of about $4.8 billion based on the current share price.
