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Australia and New Zealand Banking Group shares drop to a 52-week low

It has been another disappointing day of trade for the Australia and New Zealand Banking Group (ASX: ANZ) share price.

In late trade the banking giant’s shares are down almost 1%, having touched on a 52-week low $26.87 in earlier trade.

This latest decline means that ANZ’s shares are down almost 6.5% since the turn of the year and nearly 17% since this time last year.

What has happened?

Australia’s big four banks have been suffering from increasingly negative investor sentiment lately due largely to the ongoing Royal Commission.

Investors appear concerned that there’s a scandal around the corner and have braced for impact.

The shares of Bendigo and Adelaide Bank Ltd (ASX: BEN) also hit a 52-week low today and the Commonwealth Bank of Australia (ASX: CBA) share price is trading within a whisker of its low.

One positive for non-shareholders is that this decline means that ANZ Bank’s shares now provide a trailing fully franked 5.9% dividend.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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