The Australia and New Zealand Banking Group Limited (ASX: ANZ) share price has had a great year thus far.
Since the start of 2021, shares in the banking giant have soared more than 22%.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has lifted 14% higher for 2021.
It's not very common to see the share price of a big bank like ANZ outperforming the broader index. So, what is the outlook for the ANZ share price?
Analysts mixed on outlook
Despite its stellar performance so far this year, analysts are mixed on the outlook for the bank's share price.
An expert flagged in The Australian recently that big banks like ANZ could feel the impact of lockdowns in the medium term.
According to the commentary, moderation in volume and housing growth could slow near-term growth prospects for banks.
However, a recent note from leading broker Morgans upgraded the rating of ANZ's shares, issuing a share price target of $34.50.
According to analysts, shares in ANZ are well-placed to benefit from a number of industry tailwinds.
The broker noted that ANZ could benefit from treasury and markets income if the bank continued to focus on absolute cost reductions.
In addition, shares in the bank could be poised to benefit if ANZ improved the quality of its loan book.
Analysts also cited the bank's recent forecasted dividends of $1.45 per share in FY21 and $1.65 per share in FY22.
Snapshot of the ANZ share price
There are several catalysts that appear to have helped propel the ANZ share price higher this year.
In May, ANZ reported a strong first-half report for FY21.
The report highlighted a 45% increase in statutory profit after tax of $2.94 billion. Continuing operations cash profit also increased 28% to $2.99 billion.
In addition, ANZ noted that improved credit conditions resulted in the release of almost $500 million during the half.
A strong full-year result by rival bank, Commonwealth Bank of Australia (ASX: CBA), has also helped boost the ANZ share price along with sentiment in the sector.
Finally, in July, ANZ announced its intention to buy back up to $1.5 billion of shares on market as part of its capital management plan.
The ANZ share price was down 0.14% trading at $27.87 at the market close on Friday.
