Macquarie Group Ltd (ASX: MQG) shares closed the session on Thursday down 0.48% to $174.24.
Top brokers Morgan Stanley, Morgans, and Goldman Sachs reckon that's a bargain price.
That's based on their most recently published 12-month price targets of $215, $193.50, and $192.97.
Macquarie director Mike Roche appears to think this price level is a prime buying opportunity, too.
Maybe that's why he just invested $120,000 of his own money buying more Macquarie stock.
Director buys the dip on Macquarie shares
Roche purchased two parcels of Macquarie shares in recent on-market transactions.
According to a notice lodged with the ASX, Roche bought 200 Macquarie shares at $176.14 through one fund and 500 shares at $176.11 through another fund last Friday.
The total consideration for the purchases was $123,283.
Both purchases represent indirect interests for Roche.
The ASX 200 financial stock has fallen 8.65% over the past six months.
Macquarie is often referred to as the fifth bank of Australia's big four ASX 200 bank shares.
Macquarie provides daily banking services, including home and business lending and savings accounts, as well as financial, advisory, investment, and fund management services across 34 markets globally.
The bank is primarily involved in investment and commercial banking and asset management.
It's this diversity that makes the bank share especially appealing, say our Motley Fool analysts.
Here's what the brokers have to say
Macquarie released a first-quarter update last week, revealing weaker trading conditions with net profit contributions from its operating groups "substantially down" year over year.
But these three brokers remain positive on the price trajectory of Macquarie shares in FY24.
Morgan Stanley retained its overweight rating following the bank's update, with a $215 price target. The broker is expecting a big improvement in trading conditions for Macquarie later this year.
Morgans retained its add rating with a reduced price target of $193.60. The analysts believe the bank's medium-term outlook remains strong due to its exposure to structural growth markets.
Goldman Sachs retained its neutral rating with a $192.97 price target on Macquarie shares.
The broker said:
While we expect that MQG's weak 1Q24 performance will see FY24 NPAT fall by 23% on pcp, we remain optimistic on the business's medium term outlook, which remains well positioned to benefit from both the global push towards decarbonisation and investment requirements in infrastructure.
