The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price gained 2% this week, ahead of the other ASX bank shares. Here’s why.
The post The ANZ (ASX:ANZ) share price leads the ASX 200 banks this week appeared first on The Motley Fool Australia. –
Shares in the Australia and New Zealand Banking Group Ltd (ASX: ANZ) have outperformed all other S&P/ASX 200 Index (ASX: XJO) banks this week. At the time of writing, the ANZ share price has gained 2% since last Friday’s close and is trading at $27.97.
In comparison, the ASX 200 has gained 0.25% in the same time frame.
The other big ASX 200 banks are on ANZ’s tail today. Shares in Commonwealth Bank of Australia (ASX: CBA) are closing in with a gain of 1.69% across the course of the week. While National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) shares are up 0.74% and 1.06% respectively.
Let’s take a look at the ANZ share price performance lately.
Leader of the pack
This week has been volatile for the ASX 200, and the ANZ share price wasn’t immune to the madness. But, despite the volatility, the ANZ share price recorded a strong gain, helped by a few key pieces of good news.
According to Macquarie, ANZ was the only bank that didn’t experience a revenue (excluding markets income) decline in its half-year results.
Its analysts stated the bank has continued to be better value compared to others and opted to maintain its $30.50 target price.
On Wednesday, The Motley Fool Australia reported that co-portfolio manager of the Investors Mutual Australian Share Fund Daniel Moore believes 2021 will be a great year for banking dividends. Moore was quoted by the Australian Financial Review (AFR) as saying:
We now have a strong platform going forward for economic activity and company earnings. All this indicates that the outlook for dividends in 2021 and beyond is strong, and payout ratios are likely to improve.
ANZ share price snapshot
The ANZ share price having more than a great week on the ASX.
Currently, the ANZ share price is 21.05% higher than it was at the start of 2021. It’s also gained 81.22% since this time last year.
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