What’s pushing the bank share price upwards?
The post Its been a great week for the ANZ (ASX:ANZ) share price so far appeared first on The Motley Fool Australia. –
The Australia and New Zealand Banking Group Limited (ASX: ANZ) share price has had a great week thus far.
The ANZ share price opened the week at $28.60 a share. At the close of yesterday’s trading session, shares in the banking giant finished off at $29.35.
This translates to a 2.55% increase in the ANZ share price within a week.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has only managed to crawl 0.6% higher for the week.
It’s not very common to see the share price of a big bank like ANZ outperforming the broader index.
So, let’s take a look at what’s pushing the ANZ share price higher this week.
What’s been fueling the ANZ share price?
There have been several catalysts that have helped propel the ANZ share price this week.
A strong result from ANZ’s rival helped fuel investor sentiment towards the banking sector.
A second catalyst that boosted the ANZ share price this week was the appointment of a new Chief Financial Officer (CFO).
ANZ’s management highlighted Mr Faruqui’s accomplishments and experience, painting a positive outlook for the bank’s future.
Snapshot of the ANZ share price
In addition to a strong week, the ANZ share price has also had a stellar year thus far.
Since the start of the year, shares in the banking giant have soared more than 28.5% in 2021.
Despite their impressive gains this year, the ANZ share price still offers investors a decent dividend yield.
According to a recent note from broker Bell Potter, the potential return of the ANZ share price remains attractive.
Analysts from the broker initiated a buy rating on the bank and placed a $30 price target on its shares.
The broker also forecasts ANZ to pay out a fully franked dividend per share of 140 cents in FY 2021. In addition, analysts forecast a payout of 146 cents in FY 2022 and 154 cents in FY 2023.
These figures reflect a dividend yield of 5%, 5.2%, and 5.5%, respectively.
As a result, the ANZ share price will receive extra attention this reporting season.
ANZ is expected to release its results for the financial year on Wednesday the 18th of August.
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Motley Fool contributor Nikhil Gangaram has no position 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.