Macquarie Group Ltd (ASX: MQG) shares have enjoyed a strong year of outperformance in 2026.
As have the company's shareholders.
On Wednesday afternoon, shares in the S&P/ASX 200 Index (ASX: XJO) diversified financial stock were changing hands for $248.46 apiece.
That sees Macquarie stock up 22.0% year to date, smashing the 2.7% returns delivered by the benchmark index over this same period.
And we shouldn't leave out the partly franked $4.20 per share dividend Macquarie paid out on 2 July. If we add that back in, then the accumulated value of Macquarie shares is up 24.0% this calendar year.
Which brings us back to our headline question.
After such a strong run, is it too late to buy the ASX 200 financial stock today?
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Macquarie shares: Buy, hold or sell?
Morgans' Damien Nguyen recently analysed the outlook for the surging stock (courtesy of The Bull).
"Macquarie benefits from a diversified global business spanning asset management, infrastructure, commodities and investment markets," Nguyen said.
"Earnings momentum has improved as transaction activity and market conditions have stabilised, while long term growth opportunities remain attractive," he added.
But following the strong gains this year, Nguyen issued a hold recommendation on Macquarie shares.
He concluded:
However, a stronger share price and a cyclical earnings profile suggest much of the recovery is already reflected in its valuation. We view the stock as fairly valued and maintain a hold recommendation. The shares have risen from $196.47 on March 3 to trade at $251.01 on August 27.
What's been happening with the ASX 200 financial stock?
Macquarie shares were in focus when the ASX 200 stock reported its FY 2026 results on 8 May.
With the company achieving year on year growth across all of its operating groups, Macquarie reported a 30% increase in net profit after tax (NPAT) to $4.85 billion.
Commenting on the strong results on the day, Macquarie CEO Shemara Wikramanayake said:
Each of our businesses used its specialist expertise in navigating the current environment, identifying opportunities that support long-term growth and delivering positive outcomes for our clients and communities.
On 23 July, Macquarie again made financial news headlines when the company announced that Wikramanayake will step down as CEO in November. Wikramanayake has held the top post for eight years.
Greg Ward – currently Macquarie's head of banking and financial services – will take over the reins following Wikramanayake's retirement.
Macquarie shares set a new record closing high of $267.25 apiece on 6 August.
