What’s in store for the ANZ share price in July?

Since we’re almost at the end of June, today is a good day to look at some of the ASX 200’s most popular shares and see what the next month might hold in store. So let’s see how the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is looking right now.

ANZ shares have had a rough June, as has most of the S&P/ASX 200 Index (ASX: XJO).

Since 31 May, the ANZ share price has lost a painful 11.2% of its value from a starting share price of $25.04. That’s including the 1.77% loss to $22.23 a share this ASX 200 bank has lost so far today.

However, it could have been even worse. On 17 June, ANZ shares hit a new 52-week low of $20.95. That represented a June loss of more than 15% at the time. But even though ANZ shares have bounced back since then, it’s still been a rough month for this ASX bank.

That was despite an absence of any real news out of ANZ over June. Perhaps the biggest development was a rumour that ANZ might be in the wings to purchase the accounting software provider MYOB.

What does July hold in store for the ANZ share price?

But now that June is all but over, what’s next for the ANZ share price?

Well, predicting what one ASX share might do in one month is extremely difficult. But let’s look at the outlook that brokers are pencilling in.

As we covered earlier this month, one broker bullish on ANZ shares is Macquarie. It is tipping ANZ shares as a buy, with a 12-month share price target of $34.

The broker is anticipating that ASX banks such as ANZ are about to reap some success from rising interest rates. Macquarie points out that ASX banks tend to raise their lending rates very quickly after an interest rate rise but are far slower in hiking deposit interest rates, leading to higher margins.

If this prediction turns out to be accurate, ANZ shares could be heading more than 50% higher over the coming 12 months. That could bode well for ANZ next month. But we’ll have to see what happens.

At the current ANZ share price, this ASX 200 bank share has a market capitalisation of $62.67 billion, with a dividend yield of 6.42%.

The post What’s in store for the ANZ share price in July? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Volt gets packing as ASX 200 bank shares prove to be a formidable force
• Why is the ANZ share price outperforming the ASX 200 today?
• ASX 200 bank ANZ turns to crypto for carbon credit settlement
• CBA share price leads the big four as banks outperform ASX 200 on Monday
• Why ANZ, Block, Bubs, and PayGroup shares are pushing higher

Motley Fool contributor Sebastian Bowen 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 recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/FdsXwZu