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It hasn’t been a great week so far for the ANZ (ASX:ANZ) share price

It’s been a difficult week for the banking giant. We take a closer look
The post It hasn’t been a great week so far for the ANZ (ASX:ANZ) share price appeared first on The Motley Fool Australia. –

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has faced some headwinds over the past week.

Whereas the S&P/ASX 200 index (ASX: XJO) has slipped 0.5% in the red over the past week, ANZ shares are down 1.3% over this time.

However, in early trade today, ANZ shares are up 0.43% to $28.10.

What’s been happening with ANZ lately?

In a positive for the ANZ share price, the company finished the month well. This came after it reported its half-year results back in May, where it recognised a 45% year-over-year (YoY) gain in statutory profit after tax.

ANZ also increased its interim dividend from 35 cents to 70 cents per share over the year. Despite this, the group’s underlying profit decreased 4% YoY to $4.9 billion.

Another factor that could weigh in on the ANZ share price is the company’s intention to repurchase up to $1.5 billion of its own shares from investors in its capital budgeting plan.

ANZ’s decision to do so is in line with the posture of other banks such as Commonwealth Bank of Australia (ASX: CBA)’s intention for a $6 billion off-market buyback.

Leading brokers also hold a positive sentiment on ANZ shares. For instance, a recent note out of Morgans reveals the firm has a belief the ANZ share price is attractive “on a valuation basis”.

As such, it has assigned a price target of $35.50 on the company’s shares, and forecasts a dividend of $1.65 per share in FY22.

Despite this apparent sentiment, ANZ shares have struggled lately, and are just over 1% in the green over the month, having come off a high of $29.53 on 13 August. That’s a 4.8% dip to this morning’s price of $28.10.

ANZ share price snapshot

The ANZ share price has posted a year-to-date return of 23%. It is also up 55% over the past 12 months.

These results have outpaced the broad index’s return of around 25% over the past year.

The post It hasn’t been a great week so far for the ANZ (ASX:ANZ) share price appeared first on The Motley Fool Australia.

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More reading

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Top broker says ANZ (ASX:ANZ) share price is a buy
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ASX 200 Weekly Wrap: A mixed bag of earnings dominates ASX

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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