The last five years have likely been rough for those invested in ANZ Group Holdings Ltd (ASX: ANZ) shares. The stock has tumbled 14% in that time.
Right now, Each ANZ share will set a buyer back $24.75. However, back in January 2018, the banking stock was trading at $28.88.
That means a near-$5,000 investment five years ago would be worth just $4,281.75 today.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained around 22% over the last half-decade.
But have the dividends on offer from ANZ made up for its share price's disappointing performance? Let's take a look.
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ANZ dividends help investors break even despite share price falls
Here're all the dividends the smallest of the big four banks has paid out since January 2018:
| 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 |
| Total: | $6.68 |
An investor who bought $5,000 worth of ANZ shares five years ago, likely would have realised $6.68 per share in dividends over the life of their holding – a total of $1,155.64.
Thereby, their investment would have broken even in the end, even returning around $430.
That leaves the banking stock having posted a return on investment (ROI) of around 8.8%, including both share price movements and dividends.
Additionally, some shareholders might have benefited from franking credits offered by the ASX 200 bank in that time. Nearly all its payouts over the last five years have been fully franked.
ANZ shares currently boast a notable 5.9% dividend yield. And that could be set to grow.
Top broker Citi is tipping ANZ to pay out $1.66 per share in dividends this financial year and $1.76 per share next financial year, my Fool colleague James reports.
