As we covered here last week, the ANZ Group Holdings Ltd (ASX: ANZ) share price had a tough time in May.
During the month, like many ASX 200 bank shares, the company's shares tumbled into the red and lost 6% of their value.
This was approximately double the decline by the benchmark ASX 200 index over the same period.
Will June be better for the ANZ share price?
Well, as things stand, the ANZ share price has started the month in a subdued fashion.
We are almost a week into June and a decline today means that its shares are now down 1% month to date. And if it continues on this downward trend, it could be nursing a 4% decline by the end of June.
But there's hope at the end of this dark tunnel. For example, a recent note out of Citi reveals that its analysts still believe that ANZ is the bank to buy in the current environment. As a result, the broker has put a buy rating and $26.50 price target on its shares.
And while it would take a miracle for the ANZ share price to climb to that level by the end of the month, it is possible that it could start to inch higher once sentiment in the banking sector improves.
Though, with the Reserve Bank increasing the cash rate again this afternoon, it may admittedly take a bit of time before sentiment shifts.
But rest assured, the buyers are likely to return in time. With Citi forecasting fully franked dividend yields of 7.2% in FY 2023 and 7.3% in FY 2024, income investors will no doubt be licking their lips at the prospect of these payouts. And when the worst appears to be over in the sector, it wouldn't be surprising to see them come piling in.
Patience may be key with this one.
