Own Bank of Queensland shares? Here's what you should look out for in November

November could be a big month for BoQ…

| More on:
A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Bank of Queensland Ltd (ASX: BOQ) shareholders have been a a sad bunch of investors of late, I'd wager. This ASX 200 bank share has certainly had a year to forget in 2023 to date. The Bank of Queensland share price started the year at $6.79 a share and even spent some time above $7 in the early months of 2023.

But fast forward to today, and those same shares are asking just $5.12 each. Yep, BoQ shares are down almost 25% year to date, including the 0.87% the bank has shed so far this Tuesday.

Bank of Queensland share price

BoQ's woes are so pronounced that the bank has even found itself on the list of the ASX's most shorted shares in recent weeks. Hardly a badge of honour.

The most recent catalyst for BoQ's share price woes came earlier this month when the bank revealed its full-year results for the 2023 financial year. As we covered at the time, these earnings disappointed investors.

Bank of Queensland unveiled a sharp 70% drop in statutory profits after tax to 124 million, as well as an 8% slide in cash earnings to $450 million. That led to a 4.2% dividend cut for the bank's final dividend for 2023 to 21 cents per share. 

BoQ shares fell significantly on this earnings report's release, and have been stuck in the same rut ever since.

So what might November bring for this embattled bank share?

Bank of Queensland shares could be moved by interest rates and earnings

While it's foolhardy to do month-on-month share price predictions for any ASX share, there are a couple of things happening next month that could impact the BoQ share price worth discussing.

Firstly, we have another interest rate decision happening in early November, on Melbourne Cup Day to be precise. Most commentators are expecting the Reserve Bank of Australia (RBA) to again raise interest rates to what would be the highest levels since 2011.

If the RBA does raise interest rates (or even if it doesn't), it will probably have at least some effect on most ASX bank share prices, given how rate changes impact banks more than almost any other company. So watch that space.

Another thing BoQ shareholders should keep an eye on next month is the upcoming earnings of three other major ASX banks.

National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC) and ANZ Group Holdings Ltd (ASX: ANZ) are all scheduled to release their full-year earnings for the 2023 financial year in November. Westpac is first up, with investors getting a look at the books on 6 November next week.

Given we heard from Commonwealth Bank of Australia (ASX: CBA) back in August, these earnings will give us all a fresh, compelling insight into the financial health of three of the big four banks next month. If they collectively outperform, or underperform, expectations, it could have a big impact on how investors treat Bank of Queensland shares in November.

Don't forget about this ASX 200 bank stock's next dividend

Finally, it's worth mentioning that BoQ shareholders will be treated to the bank's own final dividend next month. Investors will receive their paycheque on 16 November. This dividend from BoQ will come in at a fully franked 21 cents per share (as mentioned above).

The BoQ share price has already traded ex-dividend for this payout, so we probably won't see too much share price disruption on that front. But still, it's one of the biggest events in BoQ's calendar, so no doubt investors will be looking forward to that.

Bank of Queensland shares have had a rough October. Let's see how they do in November.

Motley Fool contributor Sebastian Bowen has positions in National Australia Bank. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

ecommerce asx shares represented by santa doing online shopping on laptop
Bank Shares

Can Bank of Queensland shares reach $6 by Christmas?

Is it possible for this regional bank to deliver strong returns?

Read more »

A man leans forward over his phone in his hands with a satisfied smirk on his face although he has just learned something pleasing or received some satisfying news.
Dividend Investing

Profit up 26% + 7% yield + buyback. Interested in this ASX 200 dividend stock?

One expert says these shares are going for 'cheap', even though the future looks pretty good for the business.

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Bank Shares

ANZ stock: Can it break out of its multi-year rut?

Believe it or not, ANZ shares haven't moved for 18 years.

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

Could ANZ shares offer big returns for investors in 2024?

This banking giant has beaten the market in 2023. Can it do the same next year?

Read more »

a young boy dressed in a business suit and wearing thick black glasses peers straight ahead while sitting at a heavy wooden desk with an old-fashioned calculator and adding machine while holding a pen over a large ledger book.
Bank Shares

Would Warren Buffett buy ASX 200 bank shares right now?

Australian investors love ASX bank shares. But would Warren Buffett?

Read more »

Bank building with the word bank in gold.
Bank Shares

These 3 ASX 200 bank shares grabbed our headline news this week. Here's why

The ASX 200 banks saw management changes, share buybacks and bullish broker coverage over the week.

Read more »

Woman in striped long sleeved top holds both hands up and looks to one side signifying a comparison between two ASX shares
Bank Shares

CBA vs ANZ shares: Which to buy and which to sell?

Which big four bank is the better buy right now?

Read more »

A man looking at his laptop and thinking.
Bank Shares

What's the outlook for NAB shares in 2024?

How is next year shaping up for the ASX bank share?

Read more »