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The Fortescue Metals Group Ltd (ASX: FMG) share price is rallying together with the broader S&P/ASX 200 Index (ASX: XJO) today despite a fall in iron ore prices.

At the time of writing, the Fortescue share price is up 2.86% to $14.40 while the ASX 200 is up 1% to 7,343 points.

Fortescue share price rallies against all odds

Competitors edge lower in overnight trade

Fortescue shrugged off a weak overnight performance from BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) and its counterparts listed on the New York Stock Exchange.

Shares in the iron ore majors tipped a respective 0.59% and 0.35% lower despite all three major US indices closing in positive territory.

Iron ore prices weak after recent bounce

The Fortescue share price is also rallying despite weaker iron ore prices.

According to Fastmarkets, spot prices fell US$4.83 or 3.7% to US$124.17 a tonne on Wednesday.

In addition, Chinese iron ore futures on the Dalian Commodity Exchange opened lower this morning. The most active futures contracts for January 2022 delivery are currently down 3.1% to about 730 yuan (US$113) a tonne.

China’s property debt crisis intensifies

Evergrande missed another round of interest payments worth US$150 million this week, after missing two other payments in September.

Reuters flagged that China’s property debt crisis is now far-reaching, with players such as Evergrande’s mid-sized rival Fantasia missing a payment and Modern Land and Sinic Holdings seeking to delay payment deadlines.

These concerns have had a flow-on effect on China’s housing prices. Home values in 11 key cities fell 1.1% month-on-month in August and 1.6% in September.

According to Yuantalks, these falls represent the steepest drops since late 2019.

Beijing Winter Olympics weigh on steel output

Steel mills in almost 30 cities in Northern China will face production cuts between November and March 2022 to ensure the skies are clear for the Winter Olympic Games in Beijing and the neighbouring Hebei province, according to Bloomberg.

China’s strict mandate on steel production and emissions was a driving force behind the Fortescue share price sell-off between August and late September.

The post Fortescue (ASX:FMG) share price up 3% against all odds appeared first on The Motley Fool Australia.

More reading

• 3 reasons why the Fortescue (ASX:FMG) share price could be a buy
• Fortescue (ASX:FMG) share price down 5% as iron ore retreats
• Why Bank of Queensland, Fortescue, Liontown, & Pact shares are dropping
• Here’s why ASX hydrogen shares are leaping higher today
• Why did the Fortescue (ASX:FMG) share price have such a lousy FY22 first quarter?

Motley Fool contributor Kerry Sun 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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The Red Dirt Metals Ltd (ASX: RDT) share price soared to a new all-time high today after the company released news from its Mt Ida Project. However, it has since plunged into the red.

At the time of writing, Red Dirt Metals’ shares are trading for 82.5 cents, 0.6% lower than they were at the end of yesterday’s session.

However, earlier today, the company’s share price took off to reach 92.5 cents. That’s a new record high for the company’s stock and an 11.4% gain on its previous closing price.

So, what news inspired such a dramatic movement from Red Dirt Metals shares on Thursday? Let’s take a look.

Spodumene found at Mt Ida Project

The Red Dirt Metals share price hit new heights after the company announced it had struck spodumene at its Mt Ida Project.

Semi-quantitative XRD analysis completed on one of the Western Australia project’s drill holes found a pegmatite interval with up to 63% spodumene.

Of four samples taken from drill hole IDDD002, 1 housed 63% spodumene and another housed 52% spodumene. Additional results are still pending.

The company says the results are “an excellent beginning” to its understanding of the project.

Another drilling program is expected to start at the Mt Ida Project next week. Initially, the company is planning for it to be a 25,000-metre program. It will be completed with a mix of reverse cycle and diamond drilling.

Commentary from management

Red Dirt Metals’ CEO Matthew Boye commented on the news that drove the company’s share price to new heights today, saying:

Having now confirmed what we originally identified visually as spodumene being the dominant lithium bearing mineral from within the sampled interval in hole IDDD002 and that the mineral distribution fits an idealised pegmatitic model we are confident we are exploring a system with huge potential.

Red Dirt Metals share price snapshot

The Red Dirt Metals share price has been performing brilliantly on the ASX lately.

It is currently 203% higher than it was at the start of this year. It has also gained 256% since this time last year.

The post The Red Dirt Metals (ASX:RDT) share price just hit an all-time high. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today?
• Red Dirt Metals (ASX:RDT) share price launches 45% on lithium update

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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The Silver Lake Resources Limited. (ASX: SLR) share price is gaining ground this afternoon and now trades 5% higher on the day at $1.65.

That caps off an impressive week for the gold-copper miner, having climbed a further 10% into the green this past week, ahead of the S&P/ASX 200 index (ASX: XJO)’s return of 1.89% in the same time.

What’s pushing Silver Lake shares higher today?

Whilst there’s been no market-sensitive information for the company today, Silver Lake shares have been on the move since late September, coming off a low of $1.28 near month’s end.

This uptrend has continued until today. Consequently, the company now trades back at its June-July 2021 price levels.

In the absence of any price-sensitive news, we have to look to the underlying commodity markets the company has exposure to in order to understand what might be fuelling this momentum.

Silver Lake’s main revenue stream is the sale of gold and gold-copper concentrate in Australia – the latter of which is used to derive both gold and the base metal copper.

As such, it is considered a price taker that must accept the going rates of the markets it sells into.

In the world of the commodity markets, this is often determined by the unseen forces of supply and demand, plus some fundamental factors – not too dissimilar from the financial markets.

However, specific to gold, this also has to do with the yellow metal’s status as a safe-haven asset in times of economic uncertainty.

Traditionally, in times of market turbulence, downturn, and so on, investors flock to open positions in the precious golden metal– either buying the bullion itself, futures contracts, or equities in gold mining companies – in a part of what is known as a “flight to quality”.

We’ve seen the culmination of these forces begin to take effect over the last month or so, particularly with the tapering of the US Federal Reserve bond purchase program; inflationary pressures induced from the pandemic; and the energy crisis that has begun to plague the UK and Europe.

As such, the price of gold has crept up from a previous low of US$1,726/t.oz on 29 September to now trade at US$1,789/t.oz at last check.

This upward move in gold pricing appears to have inflected positively on the broader ASX gold sector, with the S&P/ASX All Ordinaries Gold Index (XGD) also climbing 3.5% and 8.5% today and in the past week respectively.

That’s well ahead of the benchmark index’s paltry 1.8% return in this time.

In light of these relationships, and strengths in the broad ASX gold sector, the picture starts to form as to what is driving the Silver Lake share price today.

As the price of gold continues to gain strength in the near term, it appears investors who are bullish on gold are concurrently bidding up the gold miner’s share price.

Silver Lake share price snapshot

Despite rallying 20% in the last month and its past week’s gain, the Silver Lake share price has had a difficult year to date.

It has posted a loss of 8% since January 1, extending its bloodbath over the past 12 months to a loss of 31.5%.

These results are well behind the broad index’s return of around 19% in that time.

The post The Silver Lake (ASX:SLR) share price is up 10% in the last week appeared first on The Motley Fool Australia.

More reading

• Which shares are the biggest winners and losers on the ASX 300 today?
• ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise
• ASX 200 (ASX:XJO) midday update: Gold miners jump, Pro Medicus wins contract

The author Zach Bristow has no positions 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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The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 1.1% to 7,352.8 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 3.5% to $6.81. This infant formula company’s shares were given a boost this week by a positive update from Bubs Australia Ltd (ASX: BUB). That update revealed strong sales growth during the first quarter, which appears to indicate that the worst could be behind the infant formula market.

HUB24 Ltd (ASX: HUB)

The HUB24 share price is up 9% to $31.27. This follows the release of the investment platform provider’s first quarter update this morning. According to the release, HUB24 achieved record net inflows of $3 billion for the three months ended 30 September. As a result, at the end of the period, total FUA reached $63.2 billion.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price has jumped 16% to $16.55. As with HUB24, this strong gain has been driven by the release of this investment platform provider’s first quarter update. According to the release, Netwealth reported record net inflows of $4 billion for the quarter. This took Netwealth’s FUA to $52 billion, which represents an increase of 10.2% for the quarter.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price is up almost 10% to $1.70. Investors have been buying the gold miner’s shares following the release of an update on exploration activities at its Yaouré Gold Mine in the Ivory Coast. The release reveals that recent results from infill drilling at Yaouré confirms strong potential for further mineral resources beneath the currently operating CMA open pit.

The post Why A2 Milk, HUB24, Netwealth, & Perseus shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Why is the A2 Milk (ASX:A2M) share price leaping again today?
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• Why did the A2 Milk (ASX:A2M) share price have such a great FY22 first quarter?
• Netwealth (ASX:NWL) share price jumps 10% following record quarter
• HUB24 (ASX:HUB) share price on watch after record Q1 performance

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended A2 Milk and Hub24 Ltd. 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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The Redbubble Ltd (ASX: RBL) share price is having a horrific afternoon on Thursday following the company’s latest trading update.

At the time of writing, the e-commerce company’s shares are down a sizeable 13.16% to $3.96. In contrast, the All Ordinaries Index (ASX: XAO) is up 1.14% to 7,658 points.

How did Redbubble perform?

In today’s release, Redbubble announced the results for its first quarter of the 2022 financial year.

The company reported a disappointing set of numbers across key metrics, despite improving performance from July to September. On the back of the results, the Redbubble share price tanked as low as $3.82 during the first hour of morning trade.

For the period ending 30 September, total revenue fell by 28% to $126.7 million. This predominantly came from marketplace revenue which also dropped by 28% to $105.9 million. Excluding mask sales, Redbubble achieved a lift from negative 11% in July to negative 2% in September.

Gross profit sank by 34% to $42.4 million, despite efforts to continue delivering initiatives to drive growth. Key strategic themes included:

• Launch of Afterpay for customers in the US, Canada, UK, and Australia;
• 13 loyalty experiments completed with 7 showing early positive retention signals;
• Introduced search and recommendation experiment to improve discoverability of new artists and works; and
• 18 new products and line extensions brought to market such as dad hats, baseball caps, desk mats, mouse pads, and iPhone 13 cases.

Further dragging down the overall result, earnings before interest, tax, depreciation and, amortisation (EBITDA) plummeted 85% to $3.9 million.

At the end of the quarter, Redbubble declared a cash balance of $109 million.

While the company noted the performance was in line with expectations, shareholders didn’t take the result too kindly, pushing the Redbubble share price into negative territory.

What’s ahead for Redbubble?

Looking towards the remainder of the financial year, Redbubble is forecasting a slow and steady return to pre-COVID 19 levels.

As such, FY22 marketplace revenue is forecasted to be a tad higher than FY21, mainly weighted towards the backend.

Furthermore, targeted investments are expected to affect gross margin, marketing, and operating expense lines. EBITDA margin as a percentage of marketplace revenue is projected to be in the mid-single-digit range for FY22.

Redbubble remains confident the medium to longer-term opportunity will enable it to accelerate its presence online.

About the Redbubble share price

Over the past 12 months, the Redbubble share price has tumbled by about 17%. It is also down around 30% year to date.

Redbubble has a market capitalisation of roughly $1.09 billion and has almost 296 million shares outstanding.

The post Redbubble (ASX:RBL) share price sinks 13% following trading update appeared first on The Motley Fool Australia.

More reading

• Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping
• Redbubble (ASX:RBL) share price on watch after first quarter update
• 3 reasons why the Redbubble (ASX:RBL) share price could be a top buy
• Top brokers name 3 ASX shares to buy next week
• 2 impressive ASX shares that could be buys in October 2021

Motley Fool contributor Aaron Teboneras 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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The S&P/ASX 200 Index (ASX: XJO) is enjoying a solid day of gains on the ASX boards so far this Thursday. At the time of writing, the ASX 200 is up a healthy 1.05% to 7,348 points. But that’s not quite as good as the Xero Limited (ASX: XRO) share price today.

Xero shares are currently up a pleasing 5% on the dot at the time of writing to $142.66 a share. That’s obviously a strong outperformance of the ASX 200 today. So why are Xero shares giving investors such strong gains?

Well, it’s not immediately clear what’s pushing Xero shares up so enthusiastically today. There are no news or announcements out of the company as of yet.

Xero shares join ASX tech surge

However, Xero is slotting into a clear trend that we are seeing on the share market this Thursday. Whilst the ASX 200 is in the green, it is ASX tech shares that seem to be doing most of the heavy lifting. Together with the ASX gold sector, tech shares are dominating the ASX 200’s gains today. The S&P/ASX All Technology Index (ASX: XTX) is up a robust 2.46% so far, with major constituents like Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) all enjoying strong gains.

Afterpay and WiseTech Global in particular are very hot this Thursday. Afterpay shares are presently up by 4.73% to $120.96, an eerily similar figure to Xero. WiseTech is doing even better. This fellow WAAAXer is enjoying a massive 7.37% boost to $53.61 at the current time.

Despite all of these strong performances, there is not much in the way of major news out of any of them. This may indicate that we are seeing a market-wide appetite for ASX tech shares like Xero today. This sector did take the brunt of the market sell off we saw earlier this week. In fact, as my Fool colleague Kerry covered only back on Tuesday, these companies were all shedding between 3-6% on both Monday and Tuesday.

As tech shares, including the Xero share price often experience, it seems investors have gone from wanting nothing to do with them on Monday, to being desperate to add them by Thursday. Such is life on the ASX, one could say.

At Xero’s current share price, this cloud-based accounting software provider has a market capitalisation of $21.17 billion and a price-to-earnings (P/E) ratio of 1,095.

The post Why is the Xero (ASX:XRO) share price leaping 5% today? appeared first on The Motley Fool Australia.

More reading

• These ASX tech shares are lighting up the ASX 200 today
• Why ASX 200 tech shares are struggling this week
• Why did ASX tech shares just have such a good FY22 first quarter?
• Xero (ASX: XRO) subsidiary inks new partnership with CBA
• Here’s why ASX 200 tech shares are surging today

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. owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. 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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The Charger Metals NL (ASX: CHR) share price is wobbling today after the company released potentially exciting news from its Coates Project.

A SkyTEM geophysical survey over the project has found 105 potential sulphide conductors.

Some of the conductors coincide with nickel, copper, gold, and platinum group elements geochemistry anomalies, making them priority targets.

Charger’s stock was halted at midday on Tuesday, pending the release of the survey’s initial results.

At the time of writing, the Charger Metals share price is 49 cents, the same as when it was frozen. However, earlier today the company’s stock was trading for 57 cents, representing a 16% gain.

Let’s take a closer look at the news driving the minerals company’s stock higher today.

Charger Metals share price seesaws on project update

The Charger Metals share price is flip-flopping today after new targets were recognised at its Western Australian Coates Project.

The targets were identified using helicopter electromagnetic surveys. The surveys were looking for conductors that could potentially include nickeliferous sulphide rocks.

Preliminary data from the surveys identified 105 anomalies. From those anomalies, the company set 22 priority targets.

One such target includes a cluster of 19 anomalies. The company believes the anomalies could form several parallel conductors, extending over 1,500 metres of strike length.

One end of the target has been found to house nickel, copper, gold, and platinum group elements geochemistry anomalies, while the other hasn’t yet been tested. The company has said it will keep progressively testing the 22 targets.

Charger Metals is still awaiting final data from the survey, which will likely include modelling for conductance and geometry.

Charger owns 70% of the Coates Project and 85% of the Coates North Project. Future work at the project will include detailed aeromagnetic surveys, more soil geochemistry coverage, and ground electromagnetic surveys.

Commentary from management

Managing director David Crook commented on the news possibly driving the Charger Metals share price today, saying:

The results of the helicopter [electromagnetic] survey, coupled with the pre-existing geochemistry, provides the company with excellent, very clear targets for the next phase of detailed fieldwork, as we move towards drilling.

The post Charger Metals (ASX:CHR) share price wobbles on project’s new targets appeared first on The Motley Fool Australia.

More reading

• ASX lithium shares lift as spot prices hit all-time highs

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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The A2 Milk Company Ltd (ASX: A2M) share price is continuing its ascension on the back of yesterday’s 13.3% rally.

At the time of writing, the fresh milk and infant formula producer’s shares are up 3.57% to $6.81 apiece. However, earlier in the day they were changing hands for as much as $7.23, a gain of almost 10% on yesterday’s closing price.

Today’s strong performance puts the company’s shares at a 3-month high. However, on paper shareholders are still carrying a heavy 53% loss over the past year.

The question is: what recent events have led to this share price rejuvenation?

Positive signs for sales channel

Investors are turning the A2 Milk share price greener than dairy cow pastures today. This comes amid renewed optimism for the company’s all-important daigou sales channel. This is likely being influenced by two different factors.

Firstly, the $4.32 billion specialty milk has gained gusto on the back of yesterday’s quarterly update by Bubs Australia Ltd (ASX: BUB). The smaller alternative infant formula company revealed a stellar quarter, with revenue surging 45% from the previous quarter.

Importantly, Bubs reported a 156% year-on-year resurgence in its Chinese business. Additionally, sales through the daigou channel increased 6.5 times from the prior year. As a result, investors are looking at the potential return of a critical revenue source for A2 Milk.

Secondly, earlier in October, Australian authorities approved international students vaccinated with Sinovac entry into Australia. This move indicates the potential resumption of Chinese nationals entering Australia and sending infant formula back home.

What analysts think of the A2 Milk share price

While the latest news suggests there is light at the end of the tunnel for A2 Milk, analysts at Credit Suisse prefer other opportunities. The broker maintains a price target of $5.50, indicating negative performance to come.

However, analysts at Citi have taken the other side of the fence on the A2 Milk share price. Presently, the broker holds a $7.20 price target on the milk maker. Behind this optimistic outlook is the belief that demand for the company’s products will improve.

The post Why is the A2 Milk (ASX:A2M) share price leaping again today? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• Why did the A2 Milk (ASX:A2M) share price have such a great FY22 first quarter?
• Here are the top 10 ASX shares today
• Which ASX 300 shares are leading the way mid-week?
• Why A2 Milk, EOS, GUD, & PointsBet shares are charging higher

Motley Fool contributor Mitchell Lawler 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 A2 Milk and BUBS AUST FPO. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Bank of Queensland Limited (ASX: BOQ)

According to a note out of Citi, its analysts have upgraded this regional bank’s shares to a buy rating with an improved price target of $10.50. Citi notes that the bank delivered an FY 2021 result in line with its expectations and was pleased with its outlook. The broker expects further strong volume growth and discipline on costs to deliver positive jaws. Citi feels this should leave it well positioned versus peers in a slowing revenue environment. The Bank of Queensland share price is trading at $9.39 on Thursday.

Nitro Software Ltd (ASX: NTO)

A note out of UBS reveals that its analysts have initiated coverage on this document productivity software company’s shares with a buy rating and $4.70 price target. UBS believes Nitro is well-placed for growth in the coming years and is forecasting strong recurring revenue growth. It also sees significant potential in the company’s NitroSign offering in the US$17 billion e-signing market. The Nitro share price is fetching $3.51 this afternoon.

Westpac Banking Corp (ASX: WBC)

Another note out of Citi reveals that its analysts have retained their buy rating and $30.00 price target on this banking giant’s shares. This follows the release of an update which reveals that the bank expects $1.3 billion in notable items with its FY 2021. While Citi was disappointed with this and feels it is a hit to management’s credibility at a time when it is working on bold cost reductions, it remains positive on the bank. This is due largely to the aforementioned cost-base reduction plans. The Westpac share price is trading at $25.52 today.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Can the BOQ (ASX:BOQ) share price hit $11 by the end of 2021?
• Which ASX 300 shares are leading the way mid-week?
• Could the Westpac (ASX:WBC) share price hit $30 by Christmas?
• Why Bank of Queensland, Fortescue, Liontown, & Pact shares are dropping
• What these top brokers are saying about the Westpac (ASX:WBC) share price

Motley Fool contributor James Mickleboro 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 Baby Bunting and Sonic Healthcare Limited. 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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The S&P/ASX 200 Index (ASX: XJO) is having a pretty decent day of gains so far this Thursday. At the time of writing, the ASX 200 is up a very healthy 0.96% to 7,342 points. One ASX 200 share that isn’t joining the party though is the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price.

ANZ shares are presently trading at $27.72 each, down 0.22% for the day so far. It’s not just ANZ though. Another big four ASX banking share is also in the red today. Commonwealth Bank of Australia (ASX: CBA) is currently down 0.59% to $102.61 a share.

But it appears to be an even split, given both National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) are both in the green so far today.

ANZ also happens to currently be the worst-performing ASX bank share in 2021 out of the big four. It’s up 20% year to date. That compares to CBA’s 22%, NAB’s 25%, and Westpac’s 30%.

However, this situation has also resulted in ANZ offering up the largest dividend yield out of the big four right now.

What are ANZ shares offering in terms of dividends today?

On current pricing, CBA shares are worth a dividend yield of 3.4%. NAB is putting up 3.14%, while Westpac has 3.49% on the table. But ANZ shares currently have a dividend yield of 3.79%. That’s fully franked too, as are the other banks’ payouts.

This dividend yield, which grosses-up to 5.41% with said full franking, comes from ANZ’s past two dividend payments. These were a July interim payment of 70 cents per share, and a final dividend payment of 35 cents per share that ANZ forked out in December last year.

Just for some food for thought, if ANZ pays out another 70 cents per share final dividend this year, it will offer a forward dividend yield of 5.05%.

So now that we’ve established ANZ as offering the best big four banking dividend yield today, where to next for ANZ shares?

Could this ASX bank be a buy right now?

One broker who thinks this bank is hot right now is Morgans. As my Fool colleague Tristan covered earlier this week, Morgans reckons ANZ shares could hit $34.50 each by Christmas. That implies an upside of almost 25% on today’s pricing.

Morgans simply estimates ANZ shares offer compelling value at their current level. The broker is eyeing the bank’s cost-cutting programs, as well as the quality of its loan books, and clearly likes what it sees.

At the current ANZ share price, this ASX bank has a market capitalisation of $78.8 billion and a price-to-earnings (P/E) ratio of 16.77.

The post The ANZ (ASX:ANZ) dividend yield is topping the big four ASX bank shares appeared first on The Motley Fool Australia.

More reading

• Could the ANZ (ASX:ANZ) share price reach $35 by Christmas?
• How did ASX bank shares perform in the last quarter?
• 2 ASX 200 dividend shares to buy next week
• Westpac and other ASX 200 banks face renewed shareholder pressure over climate policies
• ASX 200 (ASX:XJO) midday update: EML crashes, mining shares rise

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. 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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