ANZ Group Holdings Ltd (ASX: ANZ) shares have trailed the other big four bank stocks over the past year.
In morning trade today, shares in the S&P/ASX 200 Index (ASX: XJO) bank are just about flat at $29.05.
This sees ANZ shares up 1.7% over the past 12 months. Atop those capital gains, ANZ also trades on a 5.7% partly franked trailing dividend yield.
While ANZ currently offers the highest dividend yield of the big four banks, the same can't be said for its share price.
Here's what I mean.
Over the past 12 months, National Australia Bank Ltd (ASX: NAB) shares are up 10.4%, Westpac Banking Corp (ASX: WBC) shares are up 19.1%, and the Commonwealth Bank of Australia (ASX: CBA) share price has surged 46.6%.
With this underperformance in mind, as well as ANZ's completed acquisition of the Suncorp Bank business last July, should I buy the ASX 200 bank stock today?
Can ANZ shares outperform into 2026?
Ord Minnett's Tony Paterno recently ran his slide rule across ANZ (courtesy of The Bull).
While he noted the bank is a "high quality" business, he's not ready to hit the buy button just yet.
"The company reported a statutory profit after tax of $3.642 billion in the first half of fiscal year 2025, up 16% on the previous half," said Paterno, who has a hold recommendation on ANZ shares. "Revenue of $10.995 billion was up 5%."
Paterno added:
The institutional bank has been completely reshaped and derisked. The group's New Zealand business remains high quality delivering high returns, but offers little growth, in our view.
The challenge is to grow the group's return on equity.
Paterno isn't alone in his hold rating on ANZ shares.
Consensus analyst forecasts on CommSec show one strong buy recommendation, two moderate buys, 11 holds, and one strong sell recommendation.
What's the latest from the ASX 200 bank stock?
ANZ reported its half-year results on 8 May.
The strong profit and revenue growth that Paterno mentioned above were spurred by ANZ's acquisition of the Suncorp Bank business. Despite the big profit boost, the partly franked interim dividend of 83 cents a share was in line with the prior year's payout.
"We have delivered record half year revenues," outgoing CEO Shayne Elliott said.
"This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first full half of Suncorp Bank's earnings," he added.
ANZ shares closed down 1.9% on the day the bank reported its results.
