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Do ANZ shares really offer the highest dividend yield of the big four?


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By any measure, Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price was terrible compared to 2022. As it stands, ANZ’s share price has lost a dismal 16.92% since the start of the year.

It doesn’t look great against the wider background S&P/ASX 200 Index (ASX: XJO) , which is also in the red for the year, but by a much more tame 6.2%. So ANZ’s losses in 2022 are almost triple those of the ASX 200. Ouch.

But in one positive for new investors in particular, this fall in value has pushed ANZ higher dividend yield up 6.19% to date. This follows the last two ANZ dividends payments

It was an interim dividend of 72 cents per share, fully frankedthat investors were paid on July 1, and the final dividend of 72 cents per share, also fully franked, that shareholders received last December.

So is this rather large dividend yield really the main proposition of the big four ASX banks at the moment?

Is ANZ really the top dividend paying ASX bank share today?

Well, let’s go through them. ANZ’s dividend certainly looks good against the current offering from the ASX banking ‘big dog’, Commonwealth Bank of Australia (ASX: CBA).

CBA stock currently offers a profitable yield of 3.91% at the current share price. That includes the bank’s final dividend hike earlier in the month to $2.10 a share. Nothing to turn your nose up at, but certainly not at ANZ Field.

Turning to Westpac Banking Corp (ASX: WBC), we can see that Westpac has a yield of 5.56% today in the table. It’s close to an ANZ, but not quite a cigar.

finally National Australia Bank Ltd (ASX: NAB) offers a dividend yield of 4.55% today. Again, it’s solid, but not an ANZ candle.

So it’s true that ANZ currently has the highest dividend yield of the big four ASX bank stocks.

As we discussed earlier, this is something of a by-product of the poor performance of ANZ shares in recent months. But maybe dividends profit oriented investors won’t care too much about it.


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