It certainly has been a rollercoaster of a ride for shareholders of the Big 4 banks this year and especially for those that own shares in Australia and New Zealand Banking Group (ASX: ANZ).
Early on in the year ANZ's share price plunged to a three-and-a-half-year low of just $21.86 as concerns over dividend cuts, a housing market crash, its underperforming Asia segment, and misconduct from employees weighed heavily on the bank's shares.
But since hitting that multi-year low in February the bank's share price has staged a remarkable recovery which saw it reach a new 52-week high of $30.42 yesterday.
Incredibly this means ANZ is the best-performing share amongst the Big Four in 2016, even though it is the only one to have cut its dividend.
But after such a strong gain this year I'm starting to feel a little less bullish on ANZ now. With its shares trading on a price-to-book ratio of 1.5x, I feel its shares are fair value now.
I wouldn't for a second suggest shareholders go out and sell their shares though. Rather I would suggest investors hold back from starting an investment in ANZ at the current price, as I'm not entirely convinced the share price will go much higher from here.
I think that anyone that wants to invest in ANZ should wait for a better entry point at around the $26 to $28 mark.
In the meantime investors looking for both growth and income could do a lot worse than an investment in either Vocus Communications Limited (ASX: VOC) or Flight Centre Travel Group Ltd (ASX: FLT).
Not only do both of these shares provide a generous yield, but they also look to be significantly undervalued in my opinion.