Macquarie Group (ASX: MQG) Stock Today, 27 November 2025: Share Price, Dividend Moves and Key News for Australian Investors

Macquarie Group Limited (ASX: MQG), one of Australia’s most closely watched financial stocks, heads into Thursday’s session on 27 November 2025 with its share price recovering from a sharp post‑earnings sell‑off but still lagging the broader market.

As of the latest close on Wednesday, 26 November, Macquarie shares finished at A$197.35, up 2.83% on the day, after trading between A$194.15 and A$197.71 on volume of around 853,000 shares. ^[1]

With the ASX yet to open at the time of writing (around 9:40am AEDT), today’s action is expected to be driven by recent earnings news, an important distribution event on Macquarie’s capital notes, and subdued global liquidity due to the U.S. Thanksgiving holiday.

Macquarie share price snapshot – 27 November 2025

Key numbers as the market heads into Thursday’s trade:

Last close (26 Nov 2025): A$197.35
Move on the day: +A$5.44 (+2.83%) ^[2]
Recent momentum: Despite Wednesday’s bounce, the stock is still down about 3.7% over the last 10 trading sessions, having fallen in 7 of those 10 days. ^[3]
Short‑term technicals: Macquarie is trading in the middle of a wide but downward‑sloping short‑term trend channel, with algorithmic technical models flagging it as a “sell candidate” since 12 November. ^[4]
Expected trading range today: Quant models project a “fair” opening price around A$196.40 and an intraday range roughly between A$194.93 and A$199.77, implying potential swings of about ±2.5% from the last close. ^[5]
52‑week range & performance: Over the last year, Macquarie has traded roughly between A$160 and A$243, with a double‑digit negative 12‑month return, underperforming both the ASX 200 and the broader financials sector by around 17–18 percentage points. ^[6]

This sets the stage for a session where sentiment, rather than fresh company announcements, is likely to determine whether Wednesday’s rebound has legs.

What’s new today for Macquarie (27 November 2025)?

As of early trade on Thursday, there are no new price‑sensitive ASX announcements from Macquarie Group itself. The most recent major updates remain:

The 1H26 half‑year result and interim dividend release on 7 November 2025, and
Subsequent notices about capital notes distributions and substantial shareholdings. ^[7]

However, two Macquarie‑related developments do specifically touch today’s date:

Macquarie Group Capital Notes 7 (ASX: MQGPG) go ex‑distribution today
- Macquarie’s Capital Notes 7 security (ASX: MQGPG) trades ex‑distribution on 27 November 2025.
- An Appendix 3A.1 lodged with the ASX earlier in the month confirms a quarterly distribution of A$1.3507 per note, 35% franked, with a record date of 28 November and payment due on 15 December 2025. ^[8]
- Investors needed to own MQGPG before today’s ex‑date to receive this payment. Those buying from today onward will not receive the December distribution.
While MQGPG is a separate hybrid security, its pricing and demand form part of Macquarie’s broader funding mix and investor sentiment towards the group.
U.S. public holiday disrupts some Macquarie fund flows
- Macquarie Asset Management has flagged that, because 27 November 2025 is a public holiday in the United States (Thanksgiving), certain Macquarie funds will not accept applications or redemptions dated today. Orders will instead be processed on the next business day. ^[9]
- This mainly affects investors in Macquarie‑managed funds rather than MQG ordinary shares directly, but it underlines that global liquidity is thinner than usual, which can sometimes dampen trading volumes in cross‑border strategies.

Beyond these, today’s trading in MQG is still being shaped by news from earlier in November, especially the half‑year result, dividend declaration and a major takeover proposal from its asset‑management arm.

Half‑year result still dominates the Macquarie story

Profit up modestly, but below market expectations

On 7 November 2025, Macquarie reported its 2026 half‑year (1H26) result for the six months to 30 September 2025:

Net profit: A$1.655 billion, up 3% on the prior corresponding period (1H25) but down 21% on the previous half (2H25). ^[10]
Assets under management (AUM): A$959.1 billion, up 5% year‑on‑year and 2% since March. ^[11]
Return on equity (ROE): 9.6%, down from 11.2% for FY25, reflecting both lower profits and a still‑strong capital base. ^[12]
Capital strength: A group capital surplus of A$7.6 billion and a Bank Level 2 CET1 ratio of 12.4% (17.3% on a “harmonised” basis), comfortably above regulatory minimums. ^[13]

While headline profit grew slightly, the result fell short of analyst expectations. Reuters reported that consensus forecasts were around A$1.86 billion, meaning Macquarie undershot by roughly A$200 million. ^[14]

The main drag was the Commodities and Global Markets (CGM) division, where profit fell about 15% as trading revenues normalised from the extraordinary volatility of previous years. By contrast:

Macquarie Asset Management earnings surged around 43%, buoyed by performance fees from landmark data‑centre deals such as AirTrunk and Aligned, and
Banking and Financial Services profit rose about 22%, driven by strong mortgage and deposit growth, lifting Macquarie’s Australian mortgage market share to around 6.5%. ^[15]

The result triggered an immediate market reaction: on the day of the announcement, Macquarie’s share price dropped about 5–6%, closing around A$204.77 and underperforming a modestly weaker ASX 200. ^[16]

In other words, today’s near‑A$197 price still reflects a market digesting softer trading income, green‑investment impairments and regulatory noise, even as the underlying franchise continues to grow.

Dividend and buyback: income still front and centre

Interim dividend of A$2.80 per share

Macquarie’s board declared an interim ordinary dividend of A$2.80 per share, franked at 35%. ^[17]

Key dates for that dividend are:

Ex‑dividend date (ordinary shares): 17 November 2025
Record date: 18 November 2025
Payment date: 17 December 2025 ^[18]

The payout represents a dividend payout ratio of around 64% of first‑half earnings, broadly consistent with Macquarie’s historical range. ^[19]

For investors looking at Macquarie stock today, it’s important to remember that the shares are now trading ex‑dividend – the A$2.80 cash payment is already “priced in”, and income‑focused buyers are now effectively looking ahead to FY26 distributions.

A$2 billion on‑market buyback extended

Macquarie also chose to extend its A$2 billion on‑market share buyback for another 12 months, having already repurchased roughly half that amount. ^[20]

In a market where the share price has lagged peers, the buyback:

Signals that the board views the stock as undervalued or at least fairly priced relative to intrinsic value, and
Provides a supportive bid in the market, particularly on weak days.

That supportive backdrop is one reason traders will be watching whether Wednesday’s rally can continue today.

Qube bid keeps Macquarie in the M&A spotlight

Beyond earnings and dividends, Macquarie Asset Management (MAM) is back in the headlines thanks to a bold play in Australian logistics.

Earlier this week, Qube Holdings (ASX: QUB) confirmed it had received an A$11.6 billion (enterprise value) takeover proposal from MAM:

The all‑cash offer of A$5.20 per share represented a 27.8% premium to Qube’s previous close.
Qube shares jumped nearly 20% to a record high around A$4.89 on the news. ^[21]
Qube’s board has granted Macquarie exclusive due diligence through to 1 February 2026, with any deal subject to standard regulatory and shareholder approvals. ^[22]

For Macquarie, the proposed transaction underscores two themes that matter for MQG’s valuation today:

Capital deployment: Another large infrastructure‑style acquisition would keep Macquarie’s balance sheet busy and could support higher asset‑management fees over time, but it also raises questions about capital intensity and risk if asset prices soften.
Deal‑making franchise: The bid reinforces Macquarie’s reputation as a leading player in Australian and global infrastructure, which can support earnings across Macquarie Asset Management and Macquarie Capital.

While there has been no fresh update on the Qube deal this morning, it remains a live catalyst that investors will continue to price into Macquarie’s medium‑term outlook.

Regulatory and governance overhangs haven’t gone away

Even as Macquarie leans into green assets and infrastructure, regulatory issues remain part of the story:

In September, Macquarie agreed to repay A$321 million to around 3,000 Australian investors who had put retirement savings into the now‑collapsed Shield Master Fund via the Macquarie Wrap platform, following action by the corporate regulator ASIC. ^[23]
In July, shareholders delivered a rare rebuke by voting more than 25% against the bank’s remuneration report, giving Macquarie a “first strike” under Australian corporate law and forcing a review of executive pay structures. On the same day, the bank announced the surprise retirement of long‑serving CFO Alex Harvey, and its shares fell about 5%. ^[24]

These episodes don’t necessarily move the share price from one day to the next, but they frame how investors interpret risk, particularly when earnings disappoint or markets turn volatile.

How Macquarie shares look on valuation and performance

On most fundamental metrics, Macquarie today sits in solid but not “cheap” territory:

Recent data from valuation platforms suggests a price‑to‑earnings (P/E) ratio around 20x and a price‑to‑book (P/B) ratio near 2.1x, based on recent trading prices in the mid‑A$190s and a market capitalisation in the A$70–75 billion range. ^[25]
The stock’s 12‑month total return is negative, and it has significantly underperformed both the ASX 200 and the financials sector over the last year, despite offering a healthy fully‑franked yield. ^[26]

For long‑term holders, the combination of:

A high‑quality franchise in infrastructure and asset management,
A growing retail banking presence, and
A conservative capital position

is still a major draw. But near‑term, the market is clearly weighing weaker trading income, green‑asset write‑downs and ongoing regulatory scrutiny against those structural positives.

Technical picture and trading levels for today

Technical and quantitative services tracking MQG.AX highlight a few notable short‑term points for traders heading into 27 November: ^[27]

The stock sits mid‑range in a falling short‑term trend, with models projecting a possible further 10% downside over the next three months if the trend persists.
Support is seen around A$193–194, an area of accumulated volume that has previously attracted buyers.
Resistance is flagged near A$205, which also aligns with the post‑results lows seen earlier in November.
For today, the projected trading range of A$194.93–A$199.77 straddles that support zone; a decisive break lower would confirm renewed selling pressure, while a move towards A$200 could signal that bargain hunters are gaining confidence.

These models are not guarantees, but they illustrate why short‑term traders will be watching the A$193–200 band closely in today’s session.

What to watch for Macquarie stock for the rest of today

Barring any surprise announcements, today’s story for Macquarie Group (ASX: MQG) is likely to hinge on how the market digests existing information rather than brand‑new news.

Investors and traders may focus on:

Opening tone and early volumes: Does the stock open near the projected A$196–197 level and hold Wednesday’s bounce, or do sellers quickly re‑emerge? ^[28]
Broader risk sentiment: U.S. markets rallied into Thanksgiving on expectations of possible rate cuts, which could support financials globally, but today’s thinner liquidity may exaggerate moves in either direction. ^[29]
Capital Notes 7 pricing (MQGPG): With the hybrid security going ex‑distribution today, any sharp moves here could offer clues about investor appetite for Macquarie’s capital instruments more broadly. ^[30]
Ongoing read‑through from the Qube bid: Any fresh commentary or market chatter about the A$11.6 billion proposal could shift expectations for Macquarie’s capital deployment and fee income. ^[31]

Final word

For 27 November 2025, Macquarie Group’s story is one of steady, diversified earnings under pressure from a few weak spots, combined with:

Attractive income via its A$2.80 interim dividend,
Active capital management through a large buyback and hybrid distributions, and
Ongoing strategic moves like the Qube takeover proposal.

With the half‑year result and regulatory backdrop still fresh in investors’ minds, today’s trade in MQG is less about new headlines and more about how the market re‑prices risk and reward for one of Australia’s most influential financial stocks.