The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price hasn't gone all too far over the last 10 years, but have the dividends made up for it?
Right now, stock in the smallest of the S&P/ASX 200 Index (ASX: XJO) big four banks is trading at $24.72. That's 11% lower than it was at the start of 2022 and 6% lower than it was this time last year.
For comparison, the ASX 200 has fallen 5% this year and is trading flat over the last 12 months.
Looking further back, if an investor snapped up $1,000 worth of ANZ shares exactly 10 years ago today, they likely would have walked away with 41 securities – paying $23.90 apiece – and $20 change.
Today, that parcel would be worth $1,013.52, or 3.4% more than our imaginary investor paid.
While any return is better than a loss, that 3.4% gain is relatively dire compared to the ASX 200's approximate 60% rise over the last 10 years.
So, have ANZ's dividends made up for its share price's weak performance? Let's take a look.
How much have ANZ shares paid in dividends in 10 years?
Here's a breakdown of all the dividends offered to those invested in ANZ shares over the last 10 years:
| ANZ dividends' pay date | Type | Dividend amount |
| December 2022 | Final | 74 cents |
| July 2022 | Interim | 72 cents |
| December 2021 | Final | 72 cents |
| July 2021 | Interim | 70 cents |
| December 2020 | Final | 35 cents |
| August 2020 | Interim | 25 cents |
| December 2019 | Final | 80 cents |
| July 2019 | Interim | 80 cents |
| December 2018 | Final | 80 cents |
| July 2018 | Interim | 80 cents |
| December 2017 | Final | 80 cents |
| July 2017 | Interim | 80 cents |
| December 2016 | Final | 80 cents |
| July 2016 | Interim | 80 cents |
| December 2015 | Final | 95 cents |
| July 2015 | Interim | 86 cents |
| December 2014 | Final | 95 cents |
| July 2014 | Interim | 83 cents |
| December 2013 | Final | 91 cents |
| July 2013 | Interim | 73 cents |
| December 2012 | Final | 79 cents |
| Total: | $15.90 |
As we can see, ANZ shares have handed investors $15.90 in dividends per share over the decade just been, including the bank's upcoming December offering.
That means $1,000 worth of shares bought back then would have paid out $651.90 in dividends.
Combining that with the ANZ share price's 3.4% rise, the stock has returned 69.95% since November 2012.
And of course, those dividends could have been reinvested in ANZ shares, allowing our figurative investor to benefit from the magic that is compounding.
Not to mention the potential benefits of franking credits. All dividends offered to those holding ANZ shares over the last decade have been fully franked at 30%, meaning some investors might have recognised additional benefits at tax time.
With all that in mind, I think it's safe to say that ANZ's dividends have made up for its share price's weak performance over the last 10 years. The stock currently trades with a 5.9% dividend yield.
