Financial analysts at Citi reported that Bendigo and Adelaide Bank’s (ASX:BEN) financial year of 2023 wound up just below their projections.

The brokerage has downgraded the stock to ‘neutral’, keeping a target price (TP) of A$9.25.

As per the financial services provider, its annual cash earnings reached A$576.9 million, exceeding the previous year’s A$500 million, but came in lower than the Visible Alpha consensus of A$593.8 million.

Citi mentioned that the overall results were slightly lower than expected owing to an unexpectedly weak exit NIM and slightly inflated expenses.

The brokerage believes company’s optimism regarding expenses is reflected in their productivity objectives, implying a stark enhancement in FY24.

Among 13 analysts, 4 recommend the stock as ‘buy’ or higher, 7 suggest ‘hold’, and 2 propose ‘sell’ or lower.

Their median target price is A$9.38, according to Refinitiv data.

As of the last close, the year had seen the stock dropping 6.3%.

Bendigo and Adelaide Bank (ASX:BEN) is a financial services provider that offers various banking and financial products and services to individuals and businesses.