The Macquarie Group Ltd (ASX: MQG) share price has had a stellar month thus far.
Since the start of September, shares in the banking giant have soared more than 6.8% higher.
By comparison, the S&P/ASX200 Index (ASX: XJO) has sunk 2% since the start of the month.
It's not every day that you see a major bank like Macquarie outperform the broader market.
So, what's been powering the Macquarie share price in September?
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What's been happening with the Macquarie share price?
Despite being strongly in the green for September, the Macquarie share price has not had a smooth ride in September.
Shares in the bank bolted to record highs at the start of the month, hitting a high of $182.66.
The catalyst that spurred investors was Macquarie's update on its short-term outlook.
Presenting at the Jeffries Asia Forum, the investment bank anticipates weaker earnings in the first half of FY22.
The bank also anticipates base fees to be in line with last year. However, Macquarie expects other operating income to come in weaker for the first half.
In addition, the bank also acknowledged that competition amongst its peers will continue to drive margin pressure.
Macquarie also cited its commodities income to be lower for the first half following a strong FY21.
Although the bank painted a dour short term outlook, its shares rose as much as 7% on the day.
However, the Macquarie share price fell out of favour among some analysts.
Leading broker Goldman Sachs retained their neutral rating and lifted its price target on Macquarie's shares to $170.62
Analysts noted that Macquarie's share price may have peaked for the time being.
More on the Macquarie share price
Shares in Macquarie have been buoyed recently after emerging as a contender for VicRoads' registration, licensing, and custom plates services.
Earlier this year, the Victorian government announced plans to turn VicRoads into a joint venture model.
According to an article by my Foolish colleague, Macquarie Infrastructure and Real Assets is favourite to win the bid.
Apart from the bid, brokers remain mixed on the outlook for the Macquarie share price.
Since the start of the year, shares in the bank have soared more than 27.5% for the year.
At the time of writing, the Macquarie share price is slightly higher for the day at around $177.29.
