The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has been a very strong performer in 2021.
Since the start of the year, the banking giant's shares have gained approximately 25%.
This means the ANZ share price is now trading within touching distance of its 52-week high of $29.55.
Can the ANZ share price go higher?
The good news for investors is the ANZ share price has been tipped to go even higher in 2021.
According to a recent note out of Morgans, its analysts currently have an add rating and $31.00 price target on the bank's shares.
Based on the current ANZ share price, this price target implies potential upside of approximately 8% over the next 12 months.
Morgans is also forecasting dividends of $1.45 per share in FY 2021 and then $1.61 per share in FY 2022. This equates to fully franked yields of 5% and 5.6%, respectively, over the next two years.
As a result, this means its shares could offer investors a total return of approximately 13% to 13.5% between now and this time in 2022.
What did the broker say?
Morgans was pleased with the bank's performance in the first quarter, noting that it was thoroughly outperforming its expectations on a run-rate basis.
In addition to this, due to its strong capital position and the positive economic outlook, the broker suspects that capital management initiatives could happen in the not-so-distant future.
Who else is positive on ANZ?
Another broker that is positive on the ANZ share price is Macquarie Group Ltd (ASX: MQG). Late last month, the broker retained its outperform rating and $30.00 price target on the bank's shares.
And earlier this month, Credit Suisse put an outperform rating and $29.50 price target on its shares. It notes that ANZ experienced a significant reduction in its loan deferrals during February.
