What happened to the ANZ (ASX:ANZ) share price in October?

October turned out to be underwhelming for the ANZ share price.
The post What happened to the ANZ (ASX:ANZ) share price in October? appeared first on The Motley Fool Australia. –

After a rollercoaster of a month, the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price ended October nearly exactly where it had started.

That’s despite the bank releasing its results for financial year 2021 in the last week of October.

At the end of September, the ANZ share price was $28.15. On the final close of the month just been, it was trading for $28.14. That represents a 0.04% dip.

Though, that’s relatively on par with the performance of the broader market. The S&P/ASX 200 Index (ASX: XJO) fell 0.12% in that same time frame. Meanwhile, the All Ordinaries Index (ASX: XJO) gained 0.12%.

At market close on Friday, the ANZ share price is $28.47, 1.1% higher than it was at last month’s end.

Let’s take a look at what the market heard from ANZ over the course of October.

The month that was for ANZ

The ANZ share price’s performance over the month just been was underwhelming despite the bank outperforming expectations over financial year 2021.

ANZ released its results for financial year 2021 on Thursday last week.

As The Motley Fool Australia reported at the time, the bank’s performance was better than leading broker, Goldman Sachs had expected.

ANZ saw its profits after tax increase by 72% over financial year 2021, reaching approximately $6.16 billion.

The increase in profits likely contributed to the bank’s decision to hand its shareholders a 72 cent fully franked dividend.

That’s the largest dividend announced by ANZ since its 80 cent, 70% franked, final dividend of 2019.

Unfortunately, the market didn’t seem to be enthused by ANZ’s strong results. The ANZ share price finished last Thursday’s session just 0.7% higher than its previous close.

While its financial year 2021 results were the only price-sensitive news released by ANZ last month, the bank also announced its plan to break into the buy now, pay later (BNPL) market.

ANZ plans to partner with Visa Inc (NYSE: V) to launch a new credit card feature in 2022. The feature will allow ANZ credit card users to pay for purchases in instalments.

ANZ share price snapshot

Despite its sluggish performance in October, the ANZ share price is currently 23% higher than it was at the start of 2021.

It has also gained 47% since this time last year.

The post What happened to the ANZ (ASX:ANZ) share price in October? appeared first on The Motley Fool Australia.

Should you invest $1,000 in ANZ right now?

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More reading

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The ANZ share price is up 24% so far in 2021. Here’s why

Motley Fool contributor Brooke Cooper 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.

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