I'd buy 6,858 shares of this ASX 200 financial stock to aim for $1,000 a month passive income

This ASX 200 financial stock has made two annual dividend payouts for more than 10 years running.

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Looking for some handy passive income to boost your retirement outlook? Or maybe just an extra $1,000 a month coming in to spend on travel or luxury items?

Then you might want to run your slide ruled over S&P/ASX 200 Index (ASX: XJO) bank share Australia and New Zealand Banking Group Ltd (ASX: ANZ).

Here's why ANZ shares are looking like a strong passive income play to me today.

Targeting this ASX 200 financial share for passive income

One of the things I look for in ASX dividend stocks is the reliability of payments.

I don't want to be counting on a dividend to come through only to discover there won't be one.

While there are no iron-clad guarantees in life, ANZ has made two annual dividend payments every year for more than a decade now.

As for the past 12 months of passive income, the ASX 200 financial stock paid a fully franked interim dividend of 81 cents per share on 3 July.

The board declared a final, partly franked dividend of 94 cents per share when they announced the big bank's full-year financial results on Monday, 13 November. Eligible investors can expect that to hit their bank accounts on 22 December, just in time for Christmas!

That brings the full year's passive income to $1.75 per share. That's up 20% year on year, driven by a 5% increase in operating income, which reached $20.46 billion. And cash earnings soared 14% to an all-time high of $7.41 billion.

Now, do note that these dividends are derived from past performance. The passive income delivered by this ASX 200 financial share in the coming years may be lower or higher, depending on a range of company-specific and macroeconomic factors.

But I do like to see a company increase its dividends. And I do like to see earnings charging higher.

How many ANZ shares do I need to buy?

At the current ANZ share price of $25.01, the ASX 200 financial stock trades on a yield (partly trailing, partly pending) of 7%.

So, to garner my $1,000 a month in passive income, or $12,000 a year, I'd need to buy 6,858 shares today.

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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