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Thursday turned out to be a good day for many stocks in the market, with the S&P/ASX 200 Index (ASX:XJO) gaining 0.64% and the Index of all ordinaries (ASX:XAO) finishing 0.69% higher.
And while the S&P/ASX 200 Financial Index (ASX:XFJ) also ended in the green – after gaining 0.13% – some of its constituents fell to long-forgotten lows.
Let’s take a look at 2 ASX 200 financial stocks that fell to their lowest in over 12 months.
These ASX 200 financial stocks fell to 52-week lows today
Zip Co Ltd (ASX: Z1P)
Zip’s share price plunged to a new 52-week low on Thursday as several brokers posted a bearish outlook for the stock.
As The Motley Fool Australia reported today, UBS, Citi and Macquarie are all warning the stock could fall.
While UBS slapped shares of the ASX 200 company with a price target of $1 and a “sell” rating, Macquarie was slightly more bullish, hitting it with a price target of $1.85.
Meanwhile, Citi analysts do not believe the company’s acquisition of Sezzle Inc. (ASX:SZL) will deliver the breadth of benefits predicted by Buy Now, Pay Later (BNPL) providers.
Zip’s stock price fell to a low of $1.87 today. That’s 4% lower than where it closed Wednesday’s session.
Pendal Group SA (ASX:PDL)
There hasn’t been such a sharp cut to explain Pendal’s share price drop today.
Shares of the investment management firm fell 1.7% in intraday trading to hit a new 52-week low at $4.42. That’s 50% lower than the 52-week high reached in September.
It’s been a tough few months in the ASX 200 stock market.
Its stock fell 10% in mid-October when the company released a funds under management update, detailing a $2.3 billion outflow.
It fell another 16% in January following another funds under management update, noting an outflow of $6.8 billion.