The ANZ (ASX:ANZ) share price is trailing behind the big four today

All the big four banks are in the green on the ASX today, with ANZ bringing up the rear.

| More on:
A boy in a business suit sits at a retro desk with old phone and computer, indicating a slowdown in bank shares

Image source: Getty Images

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is trailing behind its peers’ on Friday.

The bank’s stock is in the green by the skin of its teeth, boasting a 0.1% gain at the time of writing and trading at $27.41.

That’s better than the broader market’s performance today though. Right now, the S&P/ASX 200 Index (ASX: XJO) is down 0.39%. Meanwhile, the All Ordinaries Index (ASX: XAO) is also down 0.38%.

The National Australia Bank Ltd (ASX: NAB) share price is defying the dip, having gained 0.8% at the time of writing. Shares in Westpac Banking Corp (ASX: WBC) are performing next best, sporting a 0.5% rise. While the Commonwealth Bank of Australia (ASX: CBA) share price is currently 0.3% higher than its previous close.

Let’s take a look at what might be weighing on the ANZ share price’s performance today.

ANZ share price lags the big four

The ANZ share price is underperforming against those of its peers today despite no price sensitive news released by any of the big four banks today.

However, ANZ CEO Shayne Elliott addressed the House of Representatives Standing Committee on Economics yesterday afternoon, as did the CEO of Commonwealth Bank.

Elliott spoke to the committee about housing prices and scams, among other issues.

He noted bank concerns over rising housing prices which might affect wealth distribution and household debt levels.

The bank forecasted that housing prices would have gained 20% year-on-year by the end of 2021, with prices in regional areas lifting even more. Bank analysts believe housing prices in capital cities will grow another 7% in 2022.

Elliott also said the number of scams affecting ANZ customers had increased recently. Over the first 8 months of 2021, 73% more ANZ customers fell victim to scams than in the same period the previous year. Elliott said a high proportion of modern scams involve cryptocurrency.

Of the $77 million lost to scammers from ANZ bank accounts in 2021 so far, the bank has been able to recover $19 million.  

Should you invest $1,000 in Australia and New Zealand Banking Group right now?

Before you consider Australia and New Zealand Banking Group, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Australia and New Zealand Banking Group wasn't one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

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.

More on Bank Shares